The listing day is not the finish line; it is the point at which the continuous obligations begin. For this cohort, those obligations have already forced reverse splits at three names and full delisting at five — the clearest possible evidence that the post-listing burden is real.
The $1 minimum-bid-price rule
Nasdaq requires a listed security to maintain a minimum bid price of $1. Fall below it for 30 consecutive trading days and the clock to a delisting determination starts. The standard defense is a reverse split, and this cohort shows the pattern in the record: LGCB reverse-split 1-for-10, XHLD 1-for-15, and PDC (Perpetuals.com) 1-for-5. A reverse split does not fix the business; it resets the share count to buy time against the rule.
A reverse split is a compliance action, not a recovery. It tells you the price fell far enough that delisting was on the table.
When compliance fails
Five tracked names have left the exchange. SYT (SYLA) was delisted in May 2025. Among the de-SPACs, NCNC (noco-noco) drew a Form 25-NSE in August 2025 and AWIN (AERWINS) in September 2024. BLMZ (BloomZ) was delisted in June 2026 (Form 25-NSE), renamed Harrison Global Holdings after a 1-for-10 reverse split, and now trades OTC. PXDT rounds out the five. Delisting is the terminal outcome of the same continuous-listing standards a company must meet every quarter.
The reporting machine
Beyond price, a foreign private issuer must keep US-GAAP (or IFRS) financials current, file 6-Ks for material events and an annual 20-F, maintain the audit relationship, and sustain enough of a governance and IR function to service US shareholders. Each of those is a recurring cost against companies that, in this cohort, raised $4M–$10M. The math that makes the raise tight (see the note on listing costs) makes the ongoing compliance tight too.
The practical reading: for a Japanese micro-cap, the hard part is rarely getting listed — the SEC and the exchange clear these deals routinely. The hard part is the years after, where the $1 rule, the reporting cadence, and thin liquidity compound. Three reverse splits and five delistings in a cohort this size are the receipts.