New York, May 28, 2026, 05:01 (EDT)
- DNA X said Nasdaq will delist its shares after the company fell short of stockholders’ equity requirements.
- The company said it will ask for a hearing by May 29, aiming to keep its stock listed as its appeal proceeds.
- SONM changed hands at $4.07 in the market-data feed, up 7.5 cents. Regular Nasdaq trading hasn’t started yet.
DNA X Inc. is at risk of getting delisted from Nasdaq as the crypto-trading firm posted a stockholders’ deficit. Nasdaq told the company on May 22 that shares could be suspended starting June 2 unless DNA X asks for a hearing by May 29.
Timing is key here since asking for a hearing would halt any suspension as the Nasdaq panel reviews the case. For the Nasdaq rule, stockholders’ equity needs to be at least $2.5 million. DNA X had a deficit of $983,000 for the March quarter.
DNA X shares, trading as SONM, last changed hands at $4.07, up 7.5 cents. The company’s market cap was near $5.1 million. Nasdaq’s main session wasn’t open; premarket hours are 4:00 a.m. to 9:30 a.m. ET.
DNA X revealed the information as it announced a financing deal. The company said it issued a secured convertible note totaling about $3.05 million in principal to DNA Holdings Venture Inc. The transaction brought in $1.8 million in cash, while also swapping out a previous $1.2 million note with accrued interest.
The note pays 10% a year, matures Dec. 31, 2026, and starts with a $6 conversion price per share. That’s subject to stockholder approval and possible future changes. DNA X said it can use the money only for working capital, not for debt, stock buybacks or legal settlements—outside of normal trade bills.
DNA X is still working through a big business overhaul. It used to be called Sonim Technologies but took the DNA X name in January when it sold its rugged phone unit to NEXA and said it would turn the public company toward a digital-asset trading platform.
Q1 numbers put the listing question front and center. DNA X posted zero revenue from continuing operations and lost $3.9 million from those same operations. Net income was $6.34 million, but that only held up because of gains from assets it no longer owns. Cash and equivalents at March 31 came to $1.2 million.
Acting CEO Mike Mulica said last week the company has left its legacy business and is now putting more into AI and crypto trading. The company expects to open an upgraded DNA X AI trading platform to the public later this year.
The competition is stiff. DNA X is still working to prove out its newer model and didn’t report any ongoing revenue last quarter. Investors who want listed exposure to crypto trading can stack DNA X against bigger names like Coinbase Global and Robinhood Markets.
The company made the risks clear. DNA X said it can’t guarantee it will get back in line or succeed in its appeal. DNA X also warned a Nasdaq delisting could make the shares tougher to trade, push down the price, and hurt its access to capital.
