SVRN has received the delisting decision expected by NASDAQ; will apply for a hearing and seek to extend the suspension period during the accounting consultation period on SEC.
The company's shares are still listed and traded on NASDAQ; the company has submitted pre-filing inquiries to the Office of the Chief Accountant of the U.S. Securities and Exchange Commission regarding several issues related to the classification of certain items in its 2025 annual report.
New York, October 30 (Reuters/ PR Newswire ) – SVRN, Inc . (Nasdaq ticker: SVRN ) (hereinafter referred to as “SVRN” or “the Company”), formerly known as OceanPal Inc , announced today that it received a letter from Nasdaq's listing qualification department on October 30, 2026, stating that the Company failed to meet the exceptional conditions previously granted by Nasdaq. As the Company did not submit its 20-F annual report for the fiscal year ending December 31, 2025 (“2025 Annual Report”) by October 27, 2026, its securities will be subject to delisting in accordance with Nasdaq Listing Rule 5250(c)(1).
According to Nasdaq regulations, after a hearing request is filed in regards to a delayed filing matter, the company's securities trading will be suspended for 15 days from the date of the request, unless the hearing panel ( Panel ) approves an extension of the suspension. The company plans to apply for a hearing on or before November 6, 2026, and will request the hearing panel to extend this suspension period before the end of the hearing process. There is no guarantee that the hearing panel will approve the extension of the suspension, nor is there any assurance that the company will ultimately be able to maintain its Nasdaq listing status.
The company's shares are expected to continue to be traded on the NASDAQ capital market under the code “SVRN” for at least until the end of this 15-day suspension period; if the hearing panel approves an extension of the suspension, trading will continue until the procedure concluded by the hearing panel's decision is made.
Consultation regarding the Office of the Chief Accountant of SEC ( OCA )
Under the supervision of the Audit Committee, on October 29, 2026, the company submitted a pre-filing consultation regarding the classification of several of its equity-linked instruments, which included preferred stocks and some issued warrants. This information is related to the completion of the 2025 annual report.
The company has chosen to seek prior consultation with the staff of SEC in order to obtain their opinions on the accounting treatments it intends to adopt for the year 2025. Apart from reclassifying the Class C and Class D preferred stocks as temporary equity, this treatment is consistent with the presentation in the company's previously released financial statements. SVRN is currently working with technical consultants to complete the OCA process and intends to submit the 2025 annual report as soon as possible after the consultation is concluded, within any deadline set by the hearing panel. The company expects to reflect this reclassification as a prior period adjustment in the 2025 annual report. However, if the company receives unfavorable results from this consultation, it may be necessary to further revise or restate the financial statements released for previous reporting periods. The time OCA takes to respond is not under the company's control.
Mid-term Report
The company also expects that it will not be able to meet the deadline under NASDAQ listing rule 5250(c)(2) to submit interim financial information for the six months ending June 30, 2026, by December 31, 2026, as the completion of such reporting depends on the resolution of accounting issues consulted with OCA.
Background and Business
As previously disclosed, on May 19, 2026, the company received a notice from NASDAQ stating that it had not complied with Rule 5250(c)(1) of the listing requirements, due to the failure to submit its annual report for 2025. On August 24, 2026, NASDAQ staff approved an exception for the company, with the exemption valid until October 27, 2026.
This delay in submission does not affect the company's operations. The company continues to carry out verifier and staking services, as well as the FastNEAR network infrastructure business.
The company will continue to provide full updates on significant progress to all stakeholders through appropriate disclosure.
About SVRN
SVRN, Inc. (Nasdaq ticker: SVRN) is committed to enabling individuals to take control of their own assets, data, and the AI agents that act on their behalf. At the core of the company's work is NEAR Protocol, an open infrastructure designed for the agent economy. The company's strategy includes actively managing a digital asset vault supported by NEAR, promoting the commercial adoption of NEAR products, and supporting, building, and acquiring companies that align with its mission. For more information, please visit www.svrn.net.
Forward-looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Words such as “expected,” “intended,” “planned,” “anticipated,” “believed,” “will,” and similar expressions are used to identify these forward-looking statements. These statements include: the company’s intention to apply to a hearing panel for an extension of any suspension or delisting measures; the timing and outcomes of consultations between the company and the office of the chief accountant of SEC; the classification of certain equity-linked instruments and their impact on the company’s financial statements; the timing of the submission of the 2025 annual report and the interim report for the six months ending June 30, 2026; and the company’s ability to maintain its NASDAQ listing status. These statements involve risks and uncertainties, many of which are beyond the company’s control and may result in significant differences between actual results and expectations, including the opinions of the staff of SEC and the company’s auditors; the possibility of additional adjustments being discovered; the decision of the hearing panel regarding the company’s requests; the company’s ability to meet future filing deadlines and other NASDAQ continuous listing requirements; the impact of delays in submission on the company’s securities market, financing capacity, and relationships with investors and counterparties; potential litigation or regulatory inquiries; the market performance of NEAR; and other risks described in the documents submitted by the company to SEC, which can be viewed at www.sec.gov. Except as required by law, the company has no obligation to update any forward-looking statements.
