Nasdaq files to delist NCS Multistage common stock

What happened

On September 1, 2026, Nasdaq Stock Market LLC filed a Form 25 with the SEC to delist the common stock of NCS Multistage Holdings, Inc. (ticker: NCSM). The filing states that the exchange is removing the shares from listing and registration under Section 12(b) of the Securities Exchange Act of 1934.

The Form 25 does not specify the reason for the delisting. The company, based in Houston, Texas, provides oil and gas field services, including equipment and technology for multistage well completions.

The stock closed at $53.35 on the event date, unchanged from the previous close.

The filing

The filing is a Form 25-NSE, which is the notification an exchange uses to strike a security from listing and registration. In this case, Nasdaq is the filer, not the company. The form checks the box under Rule 12d2-2(c), indicating the issuer (NCS Multistage) complied with exchange rules for voluntary withdrawal of the security.

This suggests the delisting was initiated by the company's choice, though the filing does not explain why the company decided to leave Nasdaq. No additional details about the reasons or the company's next steps were included in the filing.

What this means

A Form 25 is the mechanism that removes a security from a national exchange like Nasdaq. Once filed, the delisting becomes effective, and trading on that exchange stops. Companies sometimes choose to delist to save costs, go private, or move to another venue, but this filing does not say why NCS Multistage is doing so.

The rule cited, 17 CFR 240.12d2-2(c), covers voluntary withdrawal by the issuer. That means the company asked Nasdaq to remove the shares, and Nasdaq confirmed the company met its obligations. After delisting, the stock may trade over-the-counter if a market maker applies, but that is not guaranteed.

Investors holding shares should note that the delisting does not affect the company's operations or its obligations to shareholders, but it does change where and how the shares can be traded. Without further details from the company, the future trading venue and the rationale remain unclear.