MARLBOROUGH, MA– Following months of compliance issues, Marlborough-based green energy technology company ConnectM Technology Solutions has been delisted from the Nasdaq stock market, according to reporting by the Worcester Business Journal.
“ConnectM’s Nasdaq trading was suspended Thursday morning,” the outlet reported, citing a letter issued by the company to shareholders the same day. The suspension came just two days after ConnectM announced it had traded 1.5 million shares of common stock to purchase a New Jersey-based HVAC company.
As WBJ explains, the delisting is the result of ConnectM’s failure to meet Nasdaq’s $50-million market value requirement for 30 consecutive business days, a standard applied to all listed securities. The company had originally received notice of noncompliance on September 4, triggering a 180-day period—until March 3—to regain compliance. After missing that deadline, ConnectM received a delisting notice and announced it would appeal the decision, temporarily suspending the removal process.
“We met with Nasdaq’s hearing panel, and thus, I was not expecting the delisting,” said CEO Bhaskar Panigrahi, as quoted by WBJ.
CEO Reaffirms Growth Strategy and Uplisting Plans
Despite the delisting, ConnectM emphasized its operational strength and long-term outlook in a May 9 letter to shareholders, published via press release. CEO Panigrahi reassured stakeholders that the company remains fundamentally strong, and outlined a detailed plan to re-establish exchange compliance and eventually uplist to a national exchange.
“ConnectM’s fundamentals have not changed. Our operations and growth prospects are as strong as ever,” Panigrahi wrote. “I believe the future remains bright for ConnectM and our intrinsic value is well above our current market price.”
While currently trading on the OTC Pink Open Market, ConnectM intends to pursue an uplisting to a higher-tier OTC market—a step that would require current SEC reporting status and signal improved transparency and governance.
The company is prioritizing the delayed filings of its Annual Report on Form 10-K for FY2024 and Quarterly Report on Form 10-Q for Q1 2025, which Panigrahi said have become more complex due to growth in operations and sophisticated financial instruments.
“The complexity of these reports has increased exponentially… as reflected by the 10X more hours our team has spent compiling them,” he explained. “We believe we have put the requisite controls and processes in place to file timely going forward.”
Capital Raise, S-1 Refiling, and Nasdaq Return in View
Alongside filing efforts, ConnectM plans to re-file its resale S-1 registration statement and is working with investment bank ThinkEquity on a capital raise strategy. These moves are intended to bring in new growth capital and support a future uplisting to Nasdaq or NYSE, should the company meet listing requirements.
“Our team will evaluate an IPO or uplisting back to Nasdaq or NYSE as soon as possible under the exchange listing rules,” Panigrahi noted.
Shares of ConnectM remain tradable on platforms such as Charles Schwab, Fidelity, E*Trade, and Interactive Brokers, though some accounts may require settings to be adjusted for OTC trading.
Panigrahi closed the letter by reaffirming ConnectM’s commitment to its stakeholders: “ConnectM is a viable, strong, growing company and we will demonstrate this in due course.”
