Nasdaq Files Form 25 to Delist Supernus Pharmaceuticals Common Stock

What happened

Nasdaq Stock Market LLC filed a Form 25 with the Securities and Exchange Commission on Nov. 2, 2026 to strike Supernus Pharmaceuticals, Inc. common stock from listing and registration on the exchange, according to the filing.

The filing identifies the security as common stock of Supernus, a Rockville, Maryland-based pharmaceutical preparations company, and lists the issuer's commission file number as 001-35518.

Supernus shares closed at $41.92 on the pricing date provided, up 0.19% from the prior close of $41.84.

The filing

The Form 25 was signed by Jennifer Fainer, identified in the filing as a CDO Analyst at Nasdaq. The form states that Nasdaq certifies it has reasonable grounds to believe it meets all requirements for filing the notification.

The form includes checkboxes for several rule provisions under 17 CFR 240.12d2-2, including provisions for exchange-initiated strikes and for voluntary issuer withdrawals. The text provided does not show which box was marked, so it does not establish whether the delisting was initiated by Nasdaq or requested by the company.

The filing also does not state a reason for the removal. No cause is described in the document.

What this means

A Form 25 is the notification used to remove a security from an exchange listing and from registration under Section 12(b) of the Securities Exchange Act of 1934. Either the exchange or the issuer can file one, and the form is filed with the SEC.

This particular Form 25 covers common stock, not debt securities. That distinction matters: a Form 25 for notes or bonds nearing maturity is often routine housekeeping for a debt instrument being repaid, while a Form 25 for common stock is a significant event for equity holders because it means the shares are being removed from the Nasdaq listing.

The form cites Rule 12d2-2, which sets out the conditions under which a class of securities can be struck from listing and registration. The filing describes the procedural basis for removal but, in the text provided, does not explain the business or corporate reason behind it.

Registration under Section 12(b) is tied to an exchange listing. Once a Form 25 takes effect, the security is no longer listed on that exchange and the issuer's reporting obligations under that registration section change. The filing itself does not state what happens next for Supernus shares or where, if anywhere, they would trade.