Nasdaq Clears Final Block to Davis Commodities Delisting

Davis Commodities Limited has exhausted the internal review process at Nasdaq. The Singapore-based agricultural commodity trader said Friday it received a final action letter dated Aug. 11, after the Nasdaq board declined to call for review the July 28 decision of the Nasdaq Listing and Hearing Review Council. Under Listing Rule 5820(e)(6), the council's ruling is now the exchange's final action.

Nasdaq said it will follow the removal procedures in Listing Rule 5830 and Rule 12d2-2 under the Securities Exchange Act of 1934 to delist the company's securities. Davis Commodities may appeal to the U.S. Securities and Exchange Commission under Section 19 of the Exchange Act and the SEC's Rules of Practice. No appeal has been announced.

The letter follows a suspension that has run more than four months. Nasdaq halted trading in Davis Commodities' Class A ordinary shares on March 25. Since then the shares have been quoted on OTC Markets under the symbol DTCKF. The company did not give a date for when Nasdaq would complete the removal.

Davis Commodities trades sugar and rice, plus oil and fat products, across Asia and Africa, as well as the Middle East. It operates under the Maxwill and Taffy brands in Singapore and handles warehouse and storage services plus logistics around its trading business.

The company said the letter relates to the listing status of its securities and completes Nasdaq's internal review process. Once the delisting takes effect, DTCKF will sit outside Nasdaq's listing standards and surveillance, and OTC Markets will continue to be the venue where the shares are quoted. An appeal to the SEC would be a separate proceeding and the only remaining route to challenge the exchange's decision.

Davis Commodities said it will continue to meet its disclosure and reporting obligations and will make further announcements on material developments, as required by law.