Nasdaq files Form 25 to delist Semilux International ordinary shares

What happened

Nasdaq Stock Market LLC filed a Form 25 with the US Securities and Exchange Commission on October 8, 2026 covering the ordinary shares of Semilux International Ltd., a Taiwanese semiconductor company whose stock trades over the counter under the ticker SELXF. The filing is a notification of removal from listing and registration under Section 12(b) of the Securities Exchange Act of 1934. Nasdaq signed the notice through Aravind Menon, identified as a Hearings Advisor.

The same day the filing was submitted, the shares closed at $0.0003, up from $0.0002 the prior session, a gain of 50 percent on a per-share basis. With the stock quoted in fractions of a cent, that percentage move represents a change of one one-hundredth of a cent per share.

The filing paperwork shows Nasdaq attesting that it complied with its own rules in striking the security, and that the issuer complied with exchange rules and SEC requirements governing voluntary withdrawal. The specific rule provision the exchange relied on is marked in the form, but the visible text does not make clear which of the four checkboxes was selected.

What the company is

Semilux International Ltd. is listed under SEC industry code 'Semiconductors & Related Devices.' Its principal executive offices are at 4F., No. 32, Keya Rd., Daya Dist., Central Taiwan Science Park, Taichung City, Taiwan. The company reported annual revenue of $3,667,000 for the period ending December 31, 2024, according to the most recent annual figure on file.

The company is small by public-market standards, with roughly $3.7 million in trailing annual revenue, and trades at a share price below one cent. Stocks at these levels typically attract little analyst coverage and thin trading volume.

What this means

A Form 25 is the filing used to remove a security from a national securities exchange. It can be filed by the exchange itself or by the issuer. This one was filed by Nasdaq, which means the exchange is the party acting, rather than the company voluntarily withdrawing. Section 12(b) of the Exchange Act is the provision that governs a security's registration when it is listed on an exchange, and removing that listing also withdraws the registration tied to it.

Delisting is the process by which a stock stops trading on a formal exchange such as Nasdaq. Once the Form 25 takes effect, the shares are no longer listed on Nasdaq. They may still trade on the over-the-counter market, where many delisted stocks trade through quotation services, but the shares lose the exchange's listing standards, its trading systems, and its disclosure oversight framework for the listing itself. Notably, SELXF is already quoted at a fraction of a cent, and the SEC's extract shows the shares were trading over the counter before the delisting notice, which is consistent with a security that had stopped trading on the exchange before the formal filing.

The Form 25 form type is not the same as a bankruptcy filing or a lawsuit, and nothing in this document states a reason for the delisting beyond the exchange's certification that it followed its own procedures. The filing does not include the underlying deficiency notice or the reason the listing was removed, so the specific trigger is not established by these sources. Nasdaq delisting rules commonly involve minimum bid price, minimum market value, or failure to file required reports, but the filing here does not say which, if any, applied.

The delisting notice became effective on its filing date, October 8, 2026. The SEC's comment and review process for a delisting notice is generally short, and the exchange's certification that it complied with its rules is a statement about process, not about the merits. Anyone following the company would need to look to the company's own filings for a statement about why the listing ended and whether the shares continue to be quoted.