Nasdaq Files Form 25 to Delist Simulations Plus Common Stock

What happened

Nasdaq Stock Market LLC filed a Form 25 with the Securities and Exchange Commission on Oct. 6, 2026 to remove Simulations Plus, Inc. (ticker SLP) common stock from listing on the exchange and to withdraw its registration under Section 12(b) of the Securities Exchange Act of 1934, according to the filing.

The filing identifies the security as "Common Stock" and lists the issuer's principal executive offices at 600 Park Offices Drive, Suite 300, #4134, Durham, North Carolina. It is signed by Jennifer Fainer, a CDO Analyst at Nasdaq.

The filing does not state a reason for the delisting. The form's checkboxes for the specific rule provisions under 17 CFR 240.12d2-2(a)(1) through (a)(4) — the sections that cover failures to meet listing standards — appear blank in the text provided. A separate line in the filing references 17 CFR 240.12d2-2(b), which states that the exchange has complied with its own rules to strike the class of securities.

The price data

Simulations Plus closed at $18.50 on the event date, unchanged from the prior close, a 0% move. The price data provided shows no trading reaction on the day of the filing.

What this means

A Form 25 is the mechanism for taking a security off an exchange. Either the issuer or the exchange can file it with the SEC. This one was filed by the exchange itself, Nasdaq, not by Simulations Plus.

The distinction matters. A Form 25 filed by the exchange is generally the endpoint of a process — a company that no longer meets a listing standard such as a minimum share price, a minimum market value, or a filing delinquency. A Form 25 filed by the issuer is typically voluntary, often part of a going-private transaction or a move to a different market. The filing here uses the exchange-filed template, with Nasdaq certifying it "has reasonable grounds to believe that it meets all of the requirements for filing the Form 25."

This filing concerns common stock — the same shares ordinary investors buy and sell — not debt securities. The distinction matters because Form 25 is also used to remove bonds and notes that have simply matured and are being repaid, which is routine housekeeping rather than a real delisting event. That is not the case here: a common stock delisting removes the ticker from Nasdaq.

Once a Form 25 is filed, the delisting generally becomes effective ten days later under SEC rules, though the exchange can delay it. Registration under Section 12(b) is withdrawn, and the company's reporting obligations under the Exchange Act can be suspended or terminated. Shares may continue to trade on the over-the-counter market, but that is a separate quotation system with different disclosure and liquidity characteristics than an exchange listing.

The filing does not say what happens to Simulations Plus shares after the delisting, whether the company plans to relist elsewhere, or what triggered the action.

About the company

Simulations Plus, Inc. is classified under Services-Computer Integrated Systems Design. The filing does not describe the company's business beyond its name, address, and the class of securities affected.