zSpace Files Form 25 to Remove Common Stock From Nasdaq

What happened

zSpace, Inc., a software company based in San Jose, California, filed a Form 25 with the Securities and Exchange Commission on September 25, 2026, according to the filing. The form is titled "Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934."

The security named in the filing is zSpace's common stock, par value $0.00001 per share. The exchange named is The Nasdaq Stock Market LLC. The filing is signed by Paul Kellenberger, the company's chief executive officer.

zSpace shares closed at $0.165 on the pricing date, up 3.13% from the prior close of $0.16, according to the price data.

What the form says — and does not say

Form 25 includes checkboxes for the specific rule provision a filer is relying on to strike a security from listing. In this filing, none of the four rule boxes under 17 CFR 240.12d2-2(a)(1) through (a)(4) is marked in the text provided, and the exchange-compliance paragraph under 17 CFR 240.12d2-2(b) and the issuer-withdrawal paragraph under 17 CFR 240.12d2-2(c) are likewise unmarked.

The filing supplies no stated reason for the delisting. It does not say whether the removal was initiated by zSpace or by Nasdaq, and it does not describe any deficiency, cure period, or appeal. Those details are not in the source.

The filing also does not state an effective date for the removal, a final trading date, or what happens to the shares afterward — for example, whether they will trade over the counter. Readers should treat those questions as unanswered by this document.

What this means

A Form 25 is the document that removes a security from an exchange listing. The Securities Exchange Act of 1934 requires companies whose shares trade on a national exchange to register those shares with the SEC under Section 12(b). Form 25 is the notice that ends that registration. Either the company or the exchange can file it, and the SEC's rules at 17 CFR 240.12d2-2 lay out the permitted grounds, which is why the form has separate checkbox provisions.

This matters because a Nasdaq listing is not just a place to trade. Registered status brings ongoing obligations: periodic reports on Forms 10-K and 10-Q, proxy statements, and disclosure of material events on Form 8-K. Removing a class of stock from listing and registration under Section 12(b) is the step that begins unwinding those obligations for that security. In practice, a company whose shares leave a national exchange often continues to have reporting duties if it still has other registered securities or enough shareholders of record, so the Form 25 alone does not tell a reader that all disclosure stops.

Distinguish this from the other common Form 25. When a company's bonds or notes mature and are repaid, the issuer may file a Form 25 to remove that debt security from listing — routine housekeeping. This filing is not that. The class of securities named is zSpace's common stock, the equity itself, which makes it a materially different event for shareholders. The form type alone cannot distinguish the two cases; the description of the class of securities is what does, and here it reads "Common Stock, par value $0.00001 per share."

The par value figure of $0.00001 is a legal accounting entry, not a market price. It is the nominal amount assigned per share in the company's charter, and it is unrelated to the $0.165 closing price reported in the pricing data. A closing price in the $0.16 range indicates the shares were already trading as a sub-$1 stock before this filing, which is a relevant fact a reader should have, though the filing itself does not connect the price to the delisting.

About zSpace

zSpace, Inc. is classified in SEC records under Services-Prepackaged Software and gives its principal executive offices as 226 Airport Parkway, San Jose, California. The filing lists Commission File Number 001-42431, a file number assigned to companies with securities listed on a national exchange.