Robot Consulting Appeals Nasdaq Delisting as Trading Halt Continues

Japanese software company Robot Consulting Co., Ltd. has appealed Nasdaq’s planned delisting of its American depositary shares, pausing the process while a hearings panel reviews the case, though trading remains halted.

Robot Consulting filed the appeal on Oct. 23, 2026, two days after Nasdaq announced the delisting determination. Nasdaq set Oct. 30 as the delisting date if the company did not appeal. The appeal stays Nasdaq’s proposed suspension of the securities and its planned Form 25-NSE filing with the Securities and Exchange Commission.

Robot Consulting described the determination as concerning historical trading activity and the securities’ possible susceptibility to manipulation by third parties. The SEC suspended trading in the company’s American depositary shares, listed under ticker LAWR, from 4 a.m. ET on Oct. 23, 2025, through 11:59 p.m. ET on Nov. 5, 2025. The SEC order cited “potential manipulation in the securities of LAWR effectuated through recommendations made to investors by unknown persons via social media.” Nasdaq imposed a continuing halt on Nov. 6, 2025.

Robot Consulting stated: “To date, Nasdaq has not claimed or communicated a view that there has been any wrongdoing by the Company.”

As of March 31, 2026, Robot Consulting held 66 Ether (ETH), with a ¥30 million cost basis and ¥21.459 million fair value. The Oct. 30 delisting date was conditional on no appeal; the hearings panel is now reviewing the company’s filing.