Nasdaq Issues NUTR Delisting Notice as SOPA Bankruptcy Locks Up 78% of NusaTrip Voting Shares
Nasdaq's Listing Qualifications Department sent NusaTrip Incorporated (NASDAQ: NUTR) a Staff Delisting Determination on August 3, 2026, invoking discretionary authority under Listing Rule IM-5101-4 after the Chapter 11 bankruptcy of controlling shareholder Society Pass Incorporated placed 78% of NusaTrip's voting securities inside a bankruptcy process with no clear exit timeline. NusaTrip does not intend to appeal and will pursue over-the-counter trading instead.
Key takeaways
- Nasdaq's Listing Qualifications Department issued NusaTrip Incorporated (NASDAQ: NUTR) a Staff Delisting Determination on August 3, 2026, under Listing Rule IM-5101-4.
- The delisting was triggered by controlling shareholder Society Pass Incorporated's Chapter 11 bankruptcy, which placed 78% of NusaTrip's voting securities inside a bankruptcy process with no clear exit timeline.
- Nasdaq cited three independently sufficient grounds: the SOPA bankruptcy plus two overdue filings, the Form 10-K for fiscal year ended September 30, 2025 and the Form 10-Q for the period ended March 31, 2026.
- NusaTrip will not appeal or request a hearing before the Nasdaq Hearings Panel and instead intends to pursue over-the-counter trading.
- NusaTrip, founded in 2015 and headquartered in Jakarta, Indonesia, operates a Southeast Asia travel platform and was the first Indonesian-based online travel agent to receive IATA accreditation.
Nasdaq's Listing Qualifications Department sent NusaTrip Incorporated (NASDAQ: NUTR) a Staff Delisting Determination on August 3, 2026, invoking discretionary authority under Listing Rule IM-5101-4 after the Chapter 11 bankruptcy of controlling shareholder Society Pass Incorporated placed 78% of NusaTrip's voting securities inside a bankruptcy process with no clear exit timeline. NusaTrip does not intend to appeal and will pursue over-the-counter trading instead.
The delisting grounds
Nasdaq cited three separate bases, each described as independently sufficient for removal. The most direct is the Society Pass bankruptcy itself. SOPA controls 78% of NusaTrip's outstanding voting power and filed for Chapter 11 protection on May 14, 2026, alongside its subsidiary SoPa, Inc. Nasdaq concluded that the resulting uncertainty raised public interest concerns making continued listing inadvisable, supporting its use of discretionary authority under Listing Rule IM-5101-4.
Two overdue filings stand as separate violations. NusaTrip has not filed its Form 10-K for the fiscal year ended September 30, 2025, nor its Form 10-Q for the period ended March 31, 2026. Both omissions are independent grounds for delisting under Listing Rule 5250(c)(1).
Governance frozen inside a bankruptcy estate
The 78% block is the mechanical problem for anyone watching the tape on NUTR. With that share of voting power sitting inside the SOPA bankruptcy estate, NusaTrip's governance is effectively at a standstill until the Chapter 11 process runs its course. The timing and outcome remain unknown, the company said in its August 7, 2026 announcement.
NusaTrip was established in 2015 and is headquartered in Jakarta, Indonesia. It operates a travel platform across Southeast Asia and the Asia-Pacific region and was the first Indonesian-based online travel agent to receive International Air Transport Association accreditation, a status that gives it direct access to fares from both full-service and low-cost carriers. The filing does not address how the delisting affects those commercial arrangements.
No appeal filed; OTC next
NusaTrip confirmed it will not request an oral hearing before the Nasdaq Hearings Panel under Listing Rule 5815. That decision closes the formal stay mechanism available under exchange rules. Chief Executive Officer Tjin Patrick Soetanto is the named contact in the company's disclosure.
What to watch: the trajectory of the SOPA Chapter 11 case and any filing of the outstanding Form 10-K and Form 10-Q, both of which remain absent from the record as of the August 7, 2026 disclosure.
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Filed by the newsroom of MarketPR on August 9, 2026. Source: sec.gov. Indicative figures are not investment advice.