TERN equity is being removed from Nasdaq immediately. Existing shareholders face loss of exchange trading; any residual value may require over-the-counter trading or a corporate event. Monitor for a potential buyout, liquidation, or going-private transaction that could explain the delisting. Avoid new long positions until clarity emerges.
Price Chart
Executive Summary
Nasdaq filed a Form 25-NSE to delist Terns Pharmaceuticals (TERN) common stock, effective immediately on May 5, 2026, under Rule 12d2-2(a)(3) for matured, redeemed, or retired securities. This is a terminal event—the equity is being removed from exchange listing and SEC registration, effectively ending public trading on Nasdaq.
Key Facts
- Form 25-NSE filed by Nasdaq Stock Market LLC on 2026-05-05 to delist Terns Pharmaceuticals common stock.
- Delisting effective immediately on 2026-05-05 under SEC Rule 12d2-2(a)(3) (matured, redeemed, or retired securities).
- SEC file number 001-39926; company incorporated in Delaware, SIC 2834 (Pharmaceutical Preparations).
- No financial details, reason for delisting, or subsequent trading plan disclosed in the filing.
Financial Impact
Delisting eliminates exchange-based liquidity and public market valuation; no dollar figure provided.
Risk Factors
- Complete loss of public market liquidity for TERN shares.
- Potential zero recovery for common equity if delisting is due to redemption or retirement at par.
- No disclosure of post-delisting trading venue or shareholder compensation.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 25-NSE Filing (Primary) | 0001354457-26-000405 |
| Document: 0001354457-26-000405-index-headers.html | 0001354457-26-000405 |
| Document: 0001354457-26-000405-index.html | 0001354457-26-000405 |
| Document: 0001354457-26-000405.txt | 0001354457-26-000405 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 15, 2026 20w ago | 15-12G | $52.97 awaiting T+1 | awaiting T+1 | — | — |
May 8, 2026 21w ago | EFFECT | $52.95 $52.95 | · 0.00% | ▼ −0.23% | — |
May 5, 2026 21w ago | 8-K | $52.95 $52.95 | · 0.00% | ▼ −1.38% | — |
May 5, 2026 21w ago | 25-NSE | $52.95 $52.95 | · 0.00% | ▲ +1.38% | — |
Apr 27, 2026 22w ago | 8-K | $52.95 $52.94 | ▼ −0.02% | ▲ +0.47% | — |
Apr 27, 2026 22w ago | Press Release | $52.95 $52.94 | ▼ −0.02% | ▲ +0.47% | — |
Mar 25, 2026 27w ago | Press Release | $52.86 $53.17 | ▲ +0.59% | ▲ +2.36% | — |
Feb 28, 2026 30w ago | Institutional Cluster | $42.03 $41.51 | ▼ −1.24% | ▼ −0.32% | — |
US Market Status
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