Captivision Inc. (CPTA)

Captivision Inc. is a Cayman Islands holding company whose operating business, GLAAM Co., Ltd., is based in South Korea. The group designs and manufactures architectural media glass, a laminated glass product with embedded LED lighting that functions as a transparent display for building facades, interiors, and public spaces. Its products are marketed to architects, developers, and owners of commercial and entertainment venues.

The company became publicly listed in late 2023 through a business combination with Jaguar Global Growth Corporation I, a special purpose acquisition company that had listed on Nasdaq. Following the merger, Captivision's ordinary shares traded on Nasdaq under the symbol CAPT, and its warrants were also listed. As with many companies that went public through SPAC mergers, the stock faced pressure after the transaction as redemptions reduced the cash available to the business.

Captivision's difficulties with Nasdaq began in 2025. On June 4, 2025, the company was notified of a Staff determination that it no longer met Nasdaq Listing Rule 5450(b)(2)(A), a Global Market standard. The company appealed to a Listing Qualifications Hearings Panel, held a hearing in July 2025, and on July 25, 2025 the Panel granted continued listing subject to conditions.

The company pursued plans to complete audits and regain compliance, and it announced a strategic acquisition intended to create a new combined entity. Nasdaq granted additional extensions, but the compliance plan did not succeed within the time allowed by the Panel. On April 6, 2026 the Panel decided to suspend the company's securities.

Trading in Captivision's shares was suspended from Nasdaq on April 9, 2026, and the shares began trading over the counter under the symbol CPTAF. The Staff delisting determination became final on May 22, 2026, after the company did not obtain a reversal.

On July 10, 2026, Nasdaq issued its formal delisting determination and stated that it would file a Form 25 with the Securities and Exchange Commission. The removal of Captivision's securities from listing and registration on Nasdaq took effect at the opening of trading on July 23, 2026.

The delisting was not connected to an acquisition or bankruptcy. Captivision's ordinary shares remain available only through over-the-counter quotation, which generally provides less liquidity and less information disclosure than a national securities exchange listing.