Form 25 Delisting Notice Checklist
Form 25 is the SEC notification for removing a class of securities from listing on a national securities exchange and/or withdrawing Section 12(b) registration. The filing can be urgent for investors, but it is not the same thing as a full investment conclusion. Use this checklist to separate exchange-initiated delisting, issuer voluntary withdrawal, 10-day delisting timing, 90-day registration timing, remaining reporting obligations, and later EDGAR follow-through.
Last reviewed: June 16, 2026
Six checks before using Form 25 as delisting evidence
Listing removal versus full deregistration
eCFR Rule 12d2-2 says an issuer Form 25 filing relates to withdrawal from exchange listing and/or Section 12(b) registration and does not by itself affect Section 12(g) or Section 15(d) obligations.
Exchange or issuer path
Rule 12d2-2 separates exchange-initiated applications from issuer voluntary withdrawal applications. The filing path changes what notice, appeal, and public disclosure should exist.
Issuer 10-day pre-notice
For issuer voluntary withdrawal, Rule 12d2-2(c) requires written notice to the exchange no fewer than 10 days before the issuer files Form 25 with the Commission.
Public notice before effectiveness
Rule 12d2-2 requires public notice through exchange or issuer channels, including a press release and website posting in the issuer voluntary-withdrawal path.
10-day delisting clock
SEC Form 25 instructions and Rule 12d2-2 say removal from exchange listing is effective 10 days after Form 25 is filed with the Commission.
90-day Section 12(b) clock
SEC Form 25 instructions and Rule 12d2-2 say Section 12(b) registration withdrawal becomes effective after 90 days, or a shorter period the Commission determines.
Form 25 review workflow
Identify who filed the Form 25
SEC Form 25 can be filed by a national securities exchange or by an issuer. The form asks for the issuer name, exchange, class of securities, and rule provision relied upon. That first line tells you whether this is an exchange delisting process or an issuer voluntary withdrawal process.
Open source: SEC Form 25Separate the rule box from the market story
Rule 12d2-2(a) covers specific exchange conditions such as redemption, maturity, retirement, substitution, or extinguished rights. Rule 12d2-2(b) covers other exchange-initiated delistings under exchange rules. Rule 12d2-2(c) covers issuer voluntary withdrawal.
Open source: eCFR Rule 12d2-2Check whether the public notice sequence exists
For issuer voluntary withdrawal, Rule 12d2-2(c) requires written notice to the exchange at least 10 days before Form 25 filing and contemporaneous public notice of the intention and reasons. For exchange action, Rule 12d2-2(b) requires notice, appeal opportunity, and public notice through the exchange process.
Open source: eCFR Rule 12d2-2Mark the 10-day delisting date
SEC Form 25 instructions say the removal of the class of securities from listing on the exchange becomes effective 10 days after Form 25 is filed. The trading impact can arrive before Section 12(b) registration withdrawal is effective.
Open source: SEC Form 25Mark the 90-day Section 12(b) date
SEC Form 25 instructions say withdrawal of Section 12(b) registration takes effect in 90 days, or a shorter period the Commission may determine. Rule 12d2-2 also allows the Commission to postpone effectiveness in specified circumstances.
Open source: eCFR Rule 12d2-2Verify later reporting and trading context
Form 25 is not the whole story. Check later EDGAR filings, any Form 8-K or transaction filing, the exchange notice, and whether Section 12(g) or Section 15(d) reporting obligations continue before treating the delisting as a final investment signal.
Open source: SEC EDGAR search
Official sources used
SEC Forms Index: Form 25
Identifies Form 25 as the notification for removal from listing and registration of matured, redeemed, or retired securities and links to the current SEC PDF.
SEC Form 25
Provides the official Form 25 template, rule checkboxes, EDGAR filing instruction, 10-day delisting timing, 90-day Section 12(b) withdrawal timing, and remaining reporting-obligation notes.
eCFR Rule 12d2-2
Codifies exchange-initiated and issuer voluntary removal from listing and registration, notice requirements, public notice requirements, and effective-date mechanics.
eCFR Form 25 rule
Codifies Form 25 as the form used by registered national securities exchanges and issuers for notification of removal from listing and/or Section 12(b) registration withdrawal.
SEC final rule on removal from listing and registration
Explains the SEC rulemaking basis for Form 25, EDGAR filing, exchange notices, issuer notices, and delisting or deregistration procedures.
Form 25 FAQ
Does Form 25 mean the company is fully deregistered immediately?
No. Form 25 can make exchange delisting effective after 10 days, while Section 12(b) registration withdrawal generally follows a 90-day clock unless the Commission determines a shorter period. Other reporting duties can still matter.
Is every Form 25 a bankruptcy or fraud signal?
No. Rule 12d2-2 includes several paths, including matured or redeemed securities, substitution, exchange delisting, and issuer voluntary withdrawal. The reason and follow-up filings determine the signal quality.
What should investors read with Form 25?
Read the Form 25 rule box, issuer or exchange notice, public press release, later Form 8-K or transaction filings, and subsequent EDGAR reports before deciding what the delisting means for liquidity, reporting, and valuation.
This page is general investor education, not financial advice, legal advice, tax advice, filing advice, or a recommendation to buy, sell, copy, avoid, short, or trade any security. A Form 25 can disclose exchange delisting and Section 12(b) withdrawal mechanics; it does not by itself prove bankruptcy, going-private completion, OTC liquidity, fair value, future performance, or portfolio suitability.
Compare with the Schedule 13E-3 going-private checklist
Evidence to read next
Use the calculator output with source-backed research, not as a standalone signal.
Filing Workflow and Investor Safety
A cluster for checking filings, AI research tools, broker safety, and the basic workflow before buying a US stock.
How SEC EDGAR Keeps AI Stock Research Honest
Lock the issuer, filing type, period, exhibit, and exact evidence table on SEC EDGAR before AI-assisted stock research becomes publishable analysis. A 2026 workflow.
What a 10-K Filing Tells You Before You Buy a Stock
Open the 10-K before the headline: a 2026 walk through EDGAR, the business section, risk factors, MD&A, and the cash-flow checks that anchor a stock thesis.
More planning tools
Keep the same decision framework open with another calculator.