Aldel Financial II Delisted From Nasdaq; Trading Suspends November 6, Moves to OTC
ALDF is trading near its 52-week low of $10.15 (8.2% above the low).
Summary
Nasdaq will delist Aldel Financial II and suspend trading of its shares, warrants and units on November 6, 2026, with OTC quoting to begin the same day. The sponsor separately lent the SPAC up to $1,000,000 via a non-interest-bearing note to fund working capital and trust extension payments.
Key Events · Corporate Governance and Compliance · ALDF
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Nasdaq Delisting Confirmed
Nasdaq Staff determined the securities will be delisted, with trading of ordinary shares, warrants and units suspended at the opening of business on November 6, 2026, and a Form 25-NSE to be filed with the SEC.
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No Compliance Plan Filed
The company was notified on September 10, 2026 of its failure to meet Nasdaq Listing Rule 5450(a)(2) and did not provide a compliance plan before Nasdaq's deadline, prompting the delisting determination.
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OTC Symbols Assigned
FINRA assigned ALDF, ALDFU and ALDFW to the Class A ordinary shares, units and warrants, so they may be quoted over-the-counter effective November 6, 2026.
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$1M Sponsor Note Signed
On October 23, 2026 the company issued an unsecured promissory note of up to $1,000,000 to Aldel Investors II LLC, bearing no interest and payable in full upon consummation of an initial business combination.
Analysis · ALDF · Real Estate & Construction
Nasdaq has rejected the company's listing status outright: because no compliance plan was submitted after the September 10 deficiency notice, the shares, warrants and units stop trading on Nasdaq at the open on November 6, 2026, and a Form 25-NSE will formally strike them from the register. The only soft landing is that FINRA has assigned OTC symbols (ALDF, ALDFU, ALDFW) so the securities can quote over-the-counter from the same date — a far less liquid venue that typically widens spreads and shrinks the investor base. Against that backdrop the sponsor is funding up to $1,000,000 through a non-interest-bearing promissory note dated October 23, 2026, drawable in $50,000 minimums, to cover working capital including trust extension payments, repayable only when a business combination closes. That keeps the SPAC alive through its extended January 23, 2027 deadline, but the sponsor — not the public market — is now the source of cash, and the note ranks as an unsecured claim ahead of any deal proceeds.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 47.6% of the 231 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -1.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, ALDF was trading at $10.98 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $328M. The 52-week trading range was $10.15 to $10.98. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.