Regulation
NYSE Suspends PSQ Holdings Securities and Begins Delisting Process
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The New York Stock Exchange announced on November 9, 2026 that NYSE Regulation staff had decided to begin delisting proceedings against PSQ Holdings’ Class A common stock and redeemable warrants, with trading in both securities suspended immediately. The common-stock action followed PSQ’s failure to maintain average global market capitalization of at least $15 million over a consecutive 30-trading-day period.
The affected securities are the Class A shares listed as PSQH and the warrants listed as PSQH.WS. Each whole warrant is exercisable for 1/15th of one Class A share at an exercise price of $172.50 per share. NYSE Regulation separately determined that the warrants were no longer suitable for listing because of “abnormally low selling price” levels under Section 802.01D. The announcement did not disclose an observed warrant price or a numerical threshold for that determination.
The common-stock decision cited Section 802.01B of the NYSE Listed Company Manual. PSQ has the right to have the determination reviewed by a committee of the exchange’s board of directors. NYSE will apply to the U.S. Securities and Exchange Commission to delist the securities only after all applicable procedures, including any appeal. The staff decision therefore opens proceedings rather than completing an SEC delisting.
Earlier Compliance Efforts
PSQ’s listing problems were already public. The company disclosed that it received a February 10, 2026 notice for noncompliance with Rules 802.01B and 802.01C, covering market capitalization and stockholders’ equity as well as the minimum average closing price of its Class A shares. That notice did not immediately delist the stock, and PSQ outlined a business-plan process for the first rule and a six-month cure framework for the price deficiency.
On May 18, 2026, PSQ announced that NYSE had accepted its compliance plan. The original deficiencies were average global market capitalization below $50 million alongside stockholders’ equity below $50 million, plus an average closing share price below $1 over 30 trading days. NYSE granted an 18-month period from the February notice to address Section 802.01B, with quarterly reviews, and approved a plan to address Rule 802.01C within six months. PSQ cautioned that failure to regain compliance by the end of that period, or to make sufficient progress under the plan, could lead to delisting proceedings.
Stockholders authorized a reverse split on July 9, 2026, and the board set the ratio at 1-for-15 that day. Split-adjusted trading began July 13, 2026, reducing outstanding Class A shares from approximately 50.35 million to 3.36 million, with fractional interests settled in cash. The company’s third-quarter report says it regained compliance with Rule 802.01C following the split. That cure was distinct from the market-capitalization issue underlying the November action.
Financial Position Before the Suspension
The quarterly report, filed November 6, 2026, disclosed average total market capitalization of $16.9 million as of November 3, 2026. It also warned that falling below $15 million over a trailing 30-trading-day period would trigger immediate suspension and delisting procedures with no cure period or compliance-plan eligibility. NYSE’s announcement did not provide the average behind its subsequent determination.
For the quarter ended September 30, 2026, the payments and financial-infrastructure company reported revenue of $7.34 million and a net loss of $4.13 million, compared with $4.40 million and $11.98 million a year earlier. Unrestricted cash and cash equivalents were $3.84 million at September 30, down from $14.64 million at December 31, 2025, while total stockholders’ equity declined to $1.70 million from $13.44 million. Operating activities used $8.17 million of cash in the first nine months of 2026.
The figures distinguish operating performance from exchange compliance: revenue grew and the quarterly loss narrowed, yet the company’s disclosed market capitalization remained close to the suspension threshold. The immediate question is whether PSQ can overturn NYSE Regulation’s determination through the exchange’s review process, rather than how it might complete the earlier compliance plan.
