Brightline receives Nasdaq delisting determination, plans hearing appeal

Brightline Interactive received a Nasdaq staff determination on September 11 to delist its common stock after failing to regain compliance with the exchange’s $1 minimum bid requirement, according to a Form 8-K filed that Friday. The company plans to appeal by requesting a hearing before a Nasdaq Hearings Panel, with a deadline of 4 p.m. Eastern Time on September 18.

The determination moves Brightline’s listing-compliance case beyond the initial deficiency and its 180-calendar-day grace period. It does not establish that BTLN has already been removed from Nasdaq. Brightline said its common stock will remain listed pending the hearing’s outcome, and that a hearing request will stay suspension and the filing of a Form 25-NSE until the panel issues a written decision.

The distinction matters because the filing describes an intended appeal, rather than a completed one. Brightline said it plans to submit a timely hearing request. It did not report that the request had already been submitted, that a hearing had been scheduled or that the panel had reached a decision.

How the deficiency reached a staff determination

The process began on March 13, 2026, when Brightline received Nasdaq deficiency notices stating that its common stock’s closing bid price had been below $1 per share for 30 consecutive business days. That put the company out of compliance with Nasdaq Listing Rule 5550(a)(2), the minimum bid-price requirement cited in the filing.

Brightline was given 180 calendar days, through September 9, to regain compliance. It did not meet the requirement by that deadline. Nasdaq’s Listing Qualifications Department then sent the September 11 written notification informing the company that staff had determined to delist its common stock.

Those dates establish the sequence behind the notice: an initial deficiency in March, expiration of the grace period in September and a subsequent staff determination. The Friday filing therefore reports an escalation of an existing compliance matter. It does not describe a newly observed trading price or supply a current quote for BTLN.

The rule at issue is the Nasdaq Capital Market’s Rule 5550(a)(2). The $1 figure is the listing threshold, while the 30-business-day period describes the deficiency that prompted the March notices. Neither should be read as a disclosure of the stock’s price on September 11 or as a new compliance period granted after the staff determination.

The appeal deadline and its effect

Under the determination, Brightline can appeal by requesting a hearing before a Nasdaq Hearings Panel. The filing gives a specific submission deadline: September 18, 2026, at 4 p.m. Eastern Time. Management said it plans to request that hearing within the required time.

According to the filing, the hearing request will stay both suspension of the company’s securities and the filing of a Form 25-NSE with the Securities and Exchange Commission pending a written panel decision. This makes the request the next consequential procedural step: it provides the stated stay while the appeal awaits a decision, but does not itself resolve the bid-price deficiency.

Brightline also said its common stock will remain listed on Nasdaq pending the hearing’s outcome. That statement should be considered alongside the filing’s description of the planned request and its effect. A staff decision to delist, a hearing request and a panel decision are separate stages; the 8-K reports the first and the company’s intention to pursue the second.

Filing reference

Brightline Interactive, Inc. disclosed the Nasdaq Staff Determination in Form 8-K AccNo 0001493152-26-042421 (Item 3.01; Date of Report / earliest event September 11, 2026).