12-factor composite that flags TSXV / NASDAQ tickers at heightened delisting risk
Every year, hundreds of micro-cap tickers get involuntarily delisted from TSX-V and NASDAQ. The resulting price drop is brutal — typically 60-90% in the days following the delisting notice. Quintarth's Delisting Risk score gives you a 0-100 leading indicator built from 12 public signals.
| # | Signal | Threshold | Weight |
|---|---|---|---|
| 1 | Bid price below $0.10 (TSX-V) or $1.00 (NASDAQ) | 30 consecutive days | 15% |
| 2 | Market cap below CAD $2M (TSX-V) / USD $35M (NASDAQ Capital Markets) | 30 consecutive days | 15% |
| 3 | Public float below required minimum | — | 10% |
| 4 | Stockholder equity deficit | — | 10% |
| 5 | Going-concern qualification on most recent audit | 1× confirms | 10% |
| 6 | Late or missing periodic filings | 1× missed deadline | 10% |
| 7 | NOSE letter (Notice of Suspension by Exchange) issued | 1× issued | 10% |
| 8 | Share-price 90d downtrend velocity | — | 5% |
| 9 | Volume collapse (90d avg vs prior 90d) | — | 5% |
| 10 | Recent reverse split (often a delisting precursor) | 1× within 12 months | 5% |
| 11 | Negative working capital trend | 3 consecutive quarters | 3% |
| 12 | Going-private rumour news flow | — | 2% |
NASDAQ Listing Rule 5550, TSX-V Policy 2.5, going-concern flags from EDGAR 10-K Item 9 / SEDAR+ AIF. Form 4 + SEDI for trading patterns. Free public data, no third-party feeds.