How a public firm’s $70 million altcoin bet crashed 77% and left it facing Nasdaq delisting

The treasury markdown does not mechanically cause a listing failure. Nasdaq's Market Value of Listed Securities metric uses the consolidated closing bid price multiplied by listed securities. It does not use the value of Greenlane's BERA, cash or protocol assets. Nevertheless, those balances matter indirectly because they can affect investor valuation and the company's financing options.

A stayed rule with no ordinary cure

The SEC approved Nasdaq's new $5 million MVLS requirement on July 22. The Commission stayed that approval on July 29 while it reviews the decision. The official SEC docket showed no later merits order or timetable as of Aug. 15.

The rule therefore creates no current trigger for Greenlane. If it becomes operative, however, 30 consecutive business days below $5 million in MVLS would produce a Staff Delisting Determination. That process would not include the ordinary compliance period used for many listing deficiencies. A hearing request would not stay trading suspension. A panel could reverse an error or allow up to 180 days to meet all applicable initial-listing standards. That is not a standard cure period.

Greenlane said that, as of Aug. 14, it would be below the threshold without the stay. It had received no deficiency notice or Staff Delisting Determination and was evaluating unspecified alternatives to increase MVLS.

Using Greenlane's disclosed 694,544 shares and its $1.93 Aug. 13 close gives a one-day proxy of about $1.34 million. With that share count fixed, $5 million would require roughly $7.20 per share, about 273% above $1.93.

Separately, a dilutive raise is not mathematically required. A sufficient share-price recovery could lift MVLS without issuing stock. For that reason, at the disclosed share count, clearing the threshold would require that steep price increase. Greenlane disclosed no specific route, and a single day's price cannot establish a 30-business-day compliance result.