Sinovac Biotech Ltd. (NASDAQ: SVA) announced it received a delisting determination letter from Nasdaq for failing to comply with Listing Rule 5250(c)(1) by not filing its 2024 Form 20-F annual report by the extension deadline of 11 Nov 2025, following the resignation of auditor Grant Thornton in April. The company intends to request a hearing before the Nasdaq Hearing Panel to remain listed.
Failure to file Form 20-F for year ended 31 Dec 2024
Extension Deadline
11 Nov 2025 (180‑day grace period expired)
Potential Delisting
21 Nov 2025 (unless hearing requested and granted)
Auditor Change
Grant Thornton resigned 15 Apr 2025; UHY LLP engaged as replacement
Compliance Timeline
Date
Event
15 Apr 2025
Grant Thornton resigns as independent auditor
30 Apr 2025
Original Form 20‑F filing deadline
11 Nov 2025
Extension deadline to regain compliance (expired)
12 Nov 2025
Nasdaq issues delisting determination letter
21 Nov 2025
Suspension and delisting effective date (if no hearing)
TBD
Hearing request and 20‑F filing submission to Nasdaq
Company Response
Hearing Request: Sinovac intends to timely request a hearing before the Nasdaq Hearing Panel to present its plan to regain compliance
New Auditor Engagement:UHY LLP has been engaged and is working diligently to complete the 2024 audit and file the Form 20‑F as soon as possible
Management Statement: Company emphasizes commitment to resolving the filing delay and maintaining Nasdaq listing
Market Impact & Outlook
Metric
Value
Market Cap (Pre‑Notice)
~$450 million
Share Price Impact
Expected 15‑25% decline on delisting risk premium
OTC Trading
If delisted, shares would trade on OTC markets, reducing liquidity and institutional ownership
Reputational Risk
Auditor resignation and filing delay may raise corporate governance concerns among investors
Recovery Timeline
If 20‑F filed and hearing successful, relisting process could take 3‑6 months
Investor Sentiment: The delisting notice adds to existing concerns about Sinovac’s COVID‑19 vaccine revenue sustainability and regulatory transparency
Institutional Impact: Index funds (e.g., MSCI, FTSE) may be forced to sell if delisting proceeds, creating additional selling pressure
Forward‑Looking Statements This brief contains forward‑looking statements regarding Sinovac’s ability to request a hearing, file its Form 20‑F, and maintain its Nasdaq listing. Actual outcomes may differ materially due to risks including auditor completion delays, Nasdaq panel decisions, and regulatory complications.-Fineline Info & Tech
By Fineline Cube 