Nasdaq Files Form 25 to Delist Roku Class A Common Stock

What happened

Nasdaq Stock Market LLC filed a Form 25 with the Securities and Exchange Commission on Nov. 6, 2026 to strike Roku, Inc.'s Class A common stock from listing and registration, according to the filing. The form was signed by Tara Petta, an assistant vice president at Nasdaq.

Roku is a San Jose, California-based company listed under the SEC's cable and other pay television services category. It operates a streaming platform and sells streaming players and smart TVs, and its Class A common stock traded on Nasdaq under the ticker ROKU.

Roku shares closed at $160.37 on the day of the filing, down 1.47% from the prior close of $162.77, according to the price data.

The filing

The Form 25 identifies the security as Roku's Class A Common Stock and the exchange as Nasdaq Stock Market LLC. The filing lists four rule provisions under 17 CFR 240.12d2-2 — (a)(1) through (a)(4) — as the grounds for striking the class, and includes checkbox language for both an exchange-initiated removal under 12d2-2(b) and a voluntary issuer withdrawal under 12d2-2(c).

The filing text provided does not show which box was checked. It also does not state why the shares are being removed. The sources here do not establish a cause, and none should be inferred.

The filing carries Commission File Number 001-38211, Roku's registration number with the SEC.

What this means

A Form 25 is the notification that removes a security from an exchange listing and/or withdraws its registration under Section 12(b) of the Securities Exchange Act of 1934. Either the company or the exchange can file it. Here the filer is Nasdaq, not Roku.

This is a different instrument from the debt-only Form 25 that routinely appears when notes or bonds reach maturity. The security named here is Class A common stock — the equity that trades under the ROKU ticker — so this filing concerns the listing of the company's shares, not the repayment of a bond.

The rule citations matter because they point to different mechanics. A removal under 12d2-2(b) is exchange-initiated: the exchange certifies it has followed its own rules to strike the class. A withdrawal under 12d2-2(c) is issuer-initiated and voluntary. Because the filing text provided does not show which provision was relied on, the record here shows that Nasdaq filed the notice but not whose decision it was.

The form is signed by Nasdaq rather than Roku, which is consistent with the exchange acting as filer. The filing does not include a press release, a statement of reasons, or any accompanying explanation from Roku.