Fremont, California, October 27 /PRNewswire/ — Socket Mobile, Inc. (Nasdaq: SCKT) today announced that its board of directors has approved a plan to voluntarily withdraw the listing of its common stock from the Nasdaq Capital Market and transfer its stock quotation to the OTCIQ market operated by OTC Markets Group Inc.
The company expects that, following the effectiveness of its delisting from Nasdaq, its common stock will continue to be quoted on the OTCID market under the current ticker symbol SCKT, subject to the completion of all applicable requirements and arrangements.
Reason for the token migration
The Board of Directors stated that the decision to transition to the OTCID market was made after a comprehensive evaluation of the company’s strategic alternatives, market capitalization, and operating costs. The Board believes that the legal, accounting, compliance, and listing fees required to maintain a Nasdaq listing are substantial and no longer represent the optimal use of the company’s capital relative to the benefits gained.
By transitioning to the OTCID market, the company expects to significantly reduce administrative and regulatory burdens and minimize the dispersion of management resources, allowing key capital to be redirected toward core product development, operational execution, and long-term business objectives.
The company has received written confirmation from OTC Markets Group Inc. that it has met the eligibility requirements for quotation on the OTCIQ market.
Nasdaq Compliance Status and Timeline
The company currently does not meet Nasdaq’s continued listing requirement 5550(b)(1), which mandates stockholders’ equity of at least $2.5 million; the company previously submitted a compliance plan to the Nasdaq Listing Qualifications Department. After evaluating market conditions and the costs required to maintain compliance, the board determined that transferring to the OTCID market is in the best interests of the company and its shareholders.
Pursuant to Nasdaq Listing Rule 5840(j) and Rule 12d2-2(c) under the amended Securities Exchange Act of 1934, the Company has submitted a written notice to Nasdaq indicating its intention to voluntarily delist. The Company anticipates the following procedural schedule:
- Notify Nasdaq and Disclose Publicly: A written notice has been submitted to Nasdaq, and this press release is being issued concurrently with such notice on October 27, 2026. The company will also post the notice on its website at https://www.socketmobile.com/knowledge-center/news-updates.
- Submit Form 25: The company plans to file Form 25 with the U.S. Securities and Exchange Commission (SEC) around November 9, 2026, to notify of the delisting and/or cancellation of registration under Section 12(b) of the Securities Exchange Act, subject to meeting applicable requirements.
- Expected Effective Date of Delisting: The delisting from the Nasdaq Capital Market is expected to become effective around November 19, 2026, which is 10 calendar days after the filing of Form 25. Regular trading on Nasdaq is expected to cease at the end of the regular trading session on November 18.
- Expected commencement of OTCID quotation: The company’s common stock is expected to begin trading on the OTCID market under the ticker symbol SCKT around November 19, 2026.
The company stated that transitioning to the OTCID market will not affect its business operations, customer commitments, or product delivery schedules. The company also intends to continue filing periodic reports with the SEC in accordance with applicable rules under the Securities Exchange Act, including Forms 10-K, 10-Q, and 8-K.
About Socket Mobile, Inc.
Socket Mobile is a leading provider of data capture and transmission solutions designed to enhance mobile workforce productivity. The company’s revenue primarily comes from the deployment of third-party barcode applications that integrate Socket Mobile’s wireless barcode scanners and contactless readers. Mobile applications serving markets such as professional retail, field service, digital identity, transportation, and manufacturing are its main sources of income. Socket Mobile has a network of thousands of developers who use its software development tools to add advanced data capture capabilities to mobile applications. Headquartered in Fremont, California, Socket Mobile can be reached at +1-510-933-3000 or via www.socketmobile.com. Follow Socket Mobile on LinkedIn and Twitter for the latest news and updates.
Forward-looking statements
This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding the expected delisting of the Company’s common stock and its continued quotation on the OTCID market. These statements involve risks and uncertainties, and actual results may differ materially from those anticipated in the forward-looking statements due to factors including, but not limited to, the timing of regulatory proceedings, actions by third parties (including Nasdaq, the SEC, and broker-dealers), and other risks described in the Company’s most recent filings with the U.S. Securities and Exchange Commission on Forms 10-K and 10-Q.
Socket Mobile Investor Contact:
Lynn Zhao
Chief Financial Officer
510-933-3016
[email protected]
Socket Mobile is a registered trademark of Socket Mobile, Inc. All other trademarks and product names mentioned herein may be the property of their respective owners. © 2026 Socket Mobile, Inc. All rights reserved.