Hub Group received a Nasdaq staff determination on Sept. 16 that it faces delisting unless it catches up on late filings, according to an 8-K filed the next day. Nasdaq cited the intermodal and logistics provider’s failure to file its fiscal 2025 annual report and quarterly reports for the periods ended March 31 and June 30, 2026, under Listing Rule 5250(c)(1), which requires companies to file periodic reports on time.
Hub Group has until Sept. 23 to request a hearing before a Nasdaq Hearings Panel. A timely request automatically stays the suspension of its Class A stock for 15 days while the panel reviews the case. The company plans to appeal and expects its stock to continue trading on the Nasdaq Global Select Market through the hearing process, FreightWaves reported.
The late filings follow a $77 million understatement of purchased transportation expenses for the first three quarters of 2025 that Hub Group discovered in February. The company is now restating results for 2023, 2024 and 2025. CFO Kevin Beth and COO Brian Meents left the company that same month, per FreightWaves. David Yeager returned as chairman and chief executive on Sept. 14, two days before the delisting notice. Patrick O’Donnell is set to become CFO once the restated 10-K is filed.
Hub Group said it plans to present the panel with a plan to regain compliance with Nasdaq’s listing rules. It expects an operating loss for the first half of 2026 before one-time charges, and aims to complete the restatement and file the outstanding reports during the fourth quarter.
