Above Food's Market Comeback
Above Food Begins OTC Trading, Pursues Nasdaq Re-listing While Reviewing Delisting Appeal
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Above Food Ingredients Inc. (OTC: ABVEF) began trading on the OTC over-the-counter market on June 2, 2026, after Nasdaq suspended the stock that morning. The Nasdaq Hearings Panel issued a formal delisting notice on June 1, citing the company's failure to file audited financial statements — a requirement under Nasdaq Listing Rules 5250(c)(1) and 5250(c)(2), according to Investing.com.
The stock collapsed more than 80% on June 1, crashing to roughly $0.07–$0.09 per share. That is a stunning fall from a 52-week high of $6.56, according to Benzinga. The company's market cap now sits at an estimated $5.85 million, down from $46 million earlier in 2026.
Why Above Food Got Kicked Off Nasdaq
The root cause is a missing annual filing called a Form 20-F. Above Food, which is based in Regina, Saskatchewan, has not filed audited financials for the fiscal year ending January 31, 2025. The delay stems from the receivership of its subsidiary, Purely Canada Foods Corp. (PCFC). In March 2025, the Court of King's Bench in Saskatchewan ordered PCFC into receivership after an application by the Royal Bank of Canada, according to Stock Titan. That receivership created a bottleneck: third-party audit confirmations from the receiver were required before the audit could close.
The audit problems go back further. Ernst & Young, the company's auditor, resigned in July 2024. That news did not fully surface until December 2025, when it sent the stock down 7.67% in a single day, according to SaskToday. Law firms Pomerantz LLP and Bronstein, Gewirtz & Grossman LLC are now investigating the company for potential securities fraud tied to those filing delays and the auditor's departure.
Company Says Audit Is Nearly Done, Plans Appeal
Above Food is not accepting the delisting without a fight. CEO Lionel Kambeitz said, "Our team and advisors have worked relentlessly to bring this audit process to the point of substantive completion." The company said in March 2026 that the fiscal 2025 audit was "substantively complete," only held up by those outstanding third-party confirmations, according to TMX Newsfile.
The company is also reviewing an appeal to the Nasdaq Listing and Hearing Review Council under Nasdaq Rule 5820(a). Filing that appeal costs a non-refundable $15,000 fee, according to SEC.gov. CFO Jason Zhao stressed there are "no known audit issues, no disagreements, and no contentious matters" that would hurt the final audit result — only the structural complexity of the ongoing restructuring.
A Radical Pivot From Crops to Crypto Raises Eyebrows
Above Food started as an agricultural technology company. Its pitch was a "Seed-to-Fork" platform built on plant-based proteins and regenerative farming. It went public in June 2024 through a SPAC merger with Bite Acquisition Corp., valuing the firm at $319 million, according to TMX Newsfile. But the company's direction has changed sharply since then.
In July 2025, Above Food signed a merger agreement with Palm Global Technologies Ltd., a firm tied to gold-backed assets and stablecoin infrastructure. Palm Global claims access to $1.5 trillion in sovereign-owned assets and a 30% stake in a joint venture worth $350 billion in gold-backed resources, per SEC filings. None of those figures have been verified in audited financial statements.
What OTC Trading Means for Shareholders Now
Shares now trade under the symbol ABVEF on the OTC market. Public warrants trade as ABVEWF. The OTC market is far less regulated than Nasdaq. The company itself warned investors that the move may have a "material adverse effect" on trading price and volume, making it much harder to buy or sell shares, according to Investing.com.
To get back on Nasdaq, Above Food must file the overdue Form 20-F, submit interim 20-1 financial statements, and potentially meet a new $5 million minimum market value threshold. Nasdaq proposed those tougher microcap rules in January 2026, with no grace period for companies that fall short, according to Stock Titan. With a market cap hovering near that $5.85 million floor, the path back is narrow.
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