🔒Following Nasdaq delisting, ConnectM begins trading on OTCQB market

ConnectM Technology Solutions, a Marlborough-based green energy technology firm, has begun trading its stock on the OTCQB Venture Market, five months after the company was de-listed from the Nasdaq stock market following a series of compliance issues. ConnectM’s Nasdaq trading was originally suspended in May, at which time the company was already listed on the lower-tiered OTC’s Pink Open Market and had announced plans to to uplist to the OTCQB market as soon as possible. “The transition from OTC Pink to OTCQB restores meaningful trading access and visibility for CNTM shares, and positions the Company for its long-term objective of relisting on a major U.S. exchange,” ConnectM wrote in a Tuesday press release. The firm, which had been named the second-fastest growing firm in Central Massachusetts in 2024, had previously been warned it would be delisted from Nasdaq after failing to meet the market’s $50-million market value requirement. Bhaskar Panigrahi, ConnectM’s chairman and CEO, was named among WBJ’s 2025 Power 100. While ConnectM had adamantly stated it would appeal the notice and requested an appeal before the Nasdaq panel, the company ultimately was not able to avoid delisting. Transitioning from the OTC Pink market to the OTCQB provides the company five main advantages, including greater transparency due to U.S. Securities and Exchange Commission reporting requirements, higher credibility, increased visibility, improved liquidity seen as some brokers allow normal market access on OTCQB as opposed to OTC Pink, and the qualification for exemptions from penny stocks, which are stocks traded at less than $1. In addition to announcing its new market listing, ConnectM reported new financial figures as of Q2: the company revenue increased to $8.5 million, representing 70% growth year-over-year; the company retired approximately $13.2 million in liabilities; and lowered its interest expense by 84.1% year-over-year. These financial reports come after ConnectM had been considering a potential $62-million buyout earlier this year from a group of its three largest investors. During that period, ConnectM announced it had identified three errors in its third quarter report of 2024, and thus, the report couldn’t be relied upon. Subsequently, the buyout group put its acquisition offer on hold. In May, the company completed its acquisition of Cambridge Energy Resources, an India-based clean energy company, for $1.4 million. Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.