SVRN, Inc. (NASDAQ:SVRN), formerly OceanPal Inc., announced on October 30, 2026 that it received a Nasdaq delisting notice for failing to file its Annual Report on Form 20-F for the year ended December 31, 2025 by the October 27, 2026 deadline previously granted by Nasdaq staff.

Key Highlights

  • Delisting notice received: Nasdaq notified SVRN on October 30, 2026 that its securities are subject to delisting under Nasdaq Listing Rule 5250(c)(1) for failure to file the 2025 Annual Report.
  • Hearing request planned: The company plans to request a hearing on or before November 6, 2026, which would stay any suspension for 15 days from the date of the request.
  • SEC consultation filed: On October 29, 2026, the company submitted a pre-filing consultation to the SEC's Office of the Chief Accountant regarding classification of its Preferred Stock and certain outstanding warrants.
  • Potential restatement: The company disclosed that an unfavorable OCA outcome "could" require it to "further revise or restate its previously issued financial statements for prior reporting periods."
  • Interim report at risk: SVRN also disclosed it does not expect to meet the December 31, 2026 deadline for furnishing interim financial information for the six months ended June 30, 2026.
  • Operations unaffected: According to the filing, the delay "does not affect the Company's operations," which continue across validator and staking operations and its FastNEAR network infrastructure business.

SVRN's Nasdaq Listing Status and the Accounting Question Behind the Delay

According to the company's disclosure, Nasdaq had previously granted SVRN an exception through October 27, 2026, following an initial non-compliance notice issued on May 19, 2026. Because the 2025 Annual Report on Form 20-F was not filed by that deadline, Nasdaq's Listing Qualifications Department informed SVRN that its securities are now subject to delisting under Nasdaq Listing Rule 5250(c)(1). The company's shares are expected to continue trading on The Nasdaq Capital Market under the symbol "SVRN" at least through the 15-day stay period triggered by a hearing request.

The filing identifies the root cause of the reporting delay as a pre-filing consultation with the SEC's Office of the Chief Accountant, submitted on October 29, 2026 under oversight of the company's Audit Committee. The consultation concerns the classification of equity-linked instruments, specifically the company's Series C and Series D Preferred Stock and certain outstanding warrants. SVRN stated it expects to reclassify the Series C and Series D Preferred Stock to temporary equity and to "reflect that reclassification as a revision of prior-period amounts in the 2025 Annual Report." The company noted its proposed accounting treatment, aside from that reclassification, is otherwise consistent with its previously issued financial statements.

SVRN described itself as focused on NEAR Protocol, an open infrastructure platform for what the company calls "the agentic economy." Its stated strategy involves managing a digital asset treasury anchored by NEAR, driving commercial adoption of NEAR's products, and backing, building, and acquiring ventures aligned with that mission. The company cautioned that the timing of the OCA's response is outside its control, and that there is "no assurance" the Nasdaq hearing panel will grant an extended stay or that the company will ultimately maintain its listing.

What Was Disclosed

SVRN disclosed receipt of a Nasdaq delisting notice on October 30, 2026 for failure to file its 2025 Annual Report, its ongoing pre-filing consultation with the SEC regarding instrument classification, a possible prior-period restatement, and an anticipated miss of the December 31, 2026 interim report deadline.