What happened
Alt5 Sigma faces Nasdaq noncompliance for failing to file its Q3 earnings report. Discrepancies with their auditor's resignation date and CEO suspension timeline raise concerns about transparency and potential fraud. This crisis unfolds amidst a high-profile crypto partnership with the Trump family, amplifying...
ToplineNasdaq notified Alt5 Sigma — a partner with the Trumps’ World Liberty Financial crypto venture — that it is noncompliant for failing to file its third-quarter report, with no immediate impact on its listing and a Jan. 20, 2026, deadline to submit a plan to regain compliance, amid apparent discrepancies in recent Securities and Exchange Commission filings about its auditor and the CEO’s suspension.
Cofounders Donald Trump Jr., Zach Witkoff and Eric Trump celebrate World Liberty Financial's $1.5 billion partnership with Alt5 Sigma by ringing Nasdaq's opening bell on Aug. 13 in New York City. (Photo by Spencer Platt/Getty Images)Getty ImagesKey FactsNasdaq has placed Alt5 Sigma on its list of “noncompliant companies” after the firm has failed to yet file a report for the third quarter of 2025, a Form 10-Q, with the SEC.
Nasdaq sent Alt5 Sigma a letter notifying the company it “no longer meets the continued listing requirements” due to its failure to yet submit the report, according to a press release the company made Tuesday after markets closed.According to Alt5 Sigma, under Nasdaq’s rules, it has until Jan. 20, 2026, to submit a plan “outlining its strategy to regain compliance” — if Nasdaq accepts the plan, Alt5 Sigma states it “may be granted an extension of up to 180 calendar days” from the original deadline to get back into compliance.
Alt5 Sigma notes the letter was “expected” and “does not immediately impact the listing or trading of the company’s common shares on Nasdaq.”Alt5 Sigma accumulated $1.5 billion of World Liberty Financial cryptocurrency in August as part of a circular deal that routed more than an estimated $500 million to an entity affiliated with President Donald Trump.
A spokesperson for Alt5 Sigma and World Liberty Financial did not immediately respond to a request for additional comments, while a Nasdaq spokesperson referred an inquiry to its website’s information on noncompliant companies and Alt5 Sigma.Why Is Alt5 Sigma’s Quarterly Report Late?On Nov. 12, Alt5 Sigma blamed the delay on an ongoing review of matters described in an August filing.
That report covered its chief financial officers’ compensation, board composition, an amendment to its bylaws that lowered the quorum requirement, a judgment in Rwanda against its Canadian subsidiary and the personal bankruptcy of its former chief financial officer. Alt5 Sigma also attributed the delayed report to “the timeliness and responsiveness of the company’s independent registered public accounting firm.
” It’s not clear if the company had an accountant at that time, though — Alt5 Sigma told the SEC on Friday its independent accountant, Hudgens CPA, PLLC, notified the company on Nov. 21 it was resigning “effective immediately.” But the firm’s partner, William Hudgens, told Forbes he informed Alt5 Sigma before June 30 that he would step down after its second-quarter report, which was filed on Aug.
12. Hudgens said his firm had conversations with possible successors but he didn’t think Alt5 Sigma had engaged any of them.
Source coverage
Alright, let's break this down. It seems Alt5 Sigma, the folks linked to the World Liberty Financial crypto venture and the Trumps, are in hot water. Nasdaq has slapped them with a noncompliance notice. Why? They didn't file their third-quarter report (Form 10-Q) for 2025. That's a big no-no.
Here's the situation: Nasdaq has told them they "no longer meet the continued listing requirements." The clock is ticking. They have until January 20, 2026, to submit a plan to get back in Nasdaq's good graces. They might get a 180-day extension if Nasdaq likes their plan. No immediate trading impact though, so...
Deeper analysis
Full source content
ToplineNasdaq notified Alt5 Sigma — a partner with the Trumps’ World Liberty Financial crypto venture — that it is noncompliant for failing to file its third-quarter report, with no immediate impact on its listing and a Jan. 20, 2026, deadline to submit a plan to regain compliance, amid apparent discrepancies in recent Securities and Exchange Commission filings about its auditor and the CEO’s suspension.
Cofounders Donald Trump Jr., Zach Witkoff and Eric Trump celebrate World Liberty Financial's $1.5 billion partnership with Alt5 Sigma by ringing Nasdaq's opening bell on Aug. 13 in New York City. (Photo by Spencer Platt/Getty Images)Getty ImagesKey FactsNasdaq has placed Alt5 Sigma on its list of “noncompliant companies” after the firm has failed to yet file a report for the third quarter of 2025, a Form 10-Q, with the SEC.
Nasdaq sent Alt5 Sigma a letter notifying the company it “no longer meets the continued listing requirements” due to its failure to yet submit the report, according to a press release the company made Tuesday after markets closed.According to Alt5 Sigma, under Nasdaq’s rules, it has until Jan. 20, 2026, to submit a plan “outlining its strategy to regain compliance” — if Nasdaq accepts the plan, Alt5 Sigma states it “may be granted an extension of up to 180 calendar days” from the original deadline to get back into compliance.
Alt5 Sigma notes the letter was “expected” and “does not immediately impact the listing or trading of the company’s common shares on Nasdaq.”Alt5 Sigma accumulated $1.5 billion of World Liberty Financial cryptocurrency in August as part of a circular deal that routed more than an estimated $500 million to an entity affiliated with President Donald Trump.
A spokesperson for Alt5 Sigma and World Liberty Financial did not immediately respond to a request for additional comments, while a Nasdaq spokesperson referred an inquiry to its website’s information on noncompliant companies and Alt5 Sigma.Why Is Alt5 Sigma’s Quarterly Report Late?On Nov. 12, Alt5 Sigma blamed the delay on an ongoing review of matters described in an August filing.
That report covered its chief financial officers’ compensation, board composition, an amendment to its bylaws that lowered the quorum requirement, a judgment in Rwanda against its Canadian subsidiary and the personal bankruptcy of its former chief financial officer. Alt5 Sigma also attributed the delayed report to “the timeliness and responsiveness of the company’s independent registered public accounting firm.
” It’s not clear if the company had an accountant at that time, though — Alt5 Sigma told the SEC on Friday its independent accountant, Hudgens CPA, PLLC, notified the company on Nov. 21 it was resigning “effective immediately.” But the firm’s partner, William Hudgens, told Forbes he informed Alt5 Sigma before June 30 that he would step down after its second-quarter report, which was filed on Aug.
12. Hudgens said his firm had conversations with possible successors but he didn’t think Alt5 Sigma had engaged any of them.
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