Nasdaq Moves to Delist Spark I After Missed Business Combination Deadline
SPKL is trading near its 52-week low of $10.9 (6.2% above the low) on elevated volume (4.6× avg).
Summary
Nasdaq notified Spark I on September 30, 2026 that its securities will be delisted for missing the September 29, 2026 business combination deadline. Trading suspends October 7, 2026, with an expected move to OTC Pink.
Key Events · Legal and Risk Events · SPKL
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Nasdaq Delisting Notice Received
On September 30, 2026, Nasdaq notified Spark I that its securities will be delisted for failure to complete an initial business combination by September 29, 2026, as required by IM-5101-2.
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Trading Suspension October 7, 2026
Trading in Class A ordinary shares (SPKL), units (SPKLU), and warrants (SPKLW) will be suspended at the opening of business on October 7, 2026, followed by Nasdaq filing Form 25-NSE.
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OTC Pink Market Transition Expected
After delisting, the company expects its securities to be quoted on the OTC Pink Market under the same symbols, but there is no guarantee a broker will continue making a market.
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ZincFive Merger Still Intended
Spark I states it still intends to complete the $762 million business combination with ZincFive and re-list on Nasdaq or another national exchange, though no assurance is given.
Analysis · SPKL · Manufacturing
A Nasdaq delisting notice landed on September 30, 2026, after Spark I failed to complete its initial business combination by the September 29, 2026 deadline under IM-5101-2. Trading in SPKL, SPKLU, and SPKLW will be suspended at the open on October 7, 2026, and Nasdaq will file Form 25-NSE to remove the securities from listing. The company expects to move to the OTC Pink Market, but there is no guarantee a broker will continue making a market. This is a critical governance and liquidity event: the delisting occurs even as Spark I pursues its $762 million merger with ZincFive, and the company states it still intends to complete the transaction and re-list on Nasdaq or another national exchange. The delisting materially raises execution risk for the merger and removes the exchange listing that many institutional and retail investors require.
How filings like this one have moved
In the 30 days to Oct 19, 2026, 43.2% of the 271 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.30%. 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, SPKL was trading at $11.58 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $100.3M. The 52-week trading range was $10.90 to $13.93. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.