Pomegra
Lead
NYSE American formally initiated delisting proceedings against Perfect Moment Ltd. (PMNT) on June 12, 2026, after the luxury apparel and ski lifestyle brand failed to restore its stockholders' equity above the exchange's $4.0 million minimum within an 18-month regulatory grace period. The company elected not to pursue an appeal before the NYSE Listings Qualifications Panel and announced that its common stock will commence trading on the OTCQB market during the week of June 15.
- NYSE American commenced delisting proceedings against PMNT on June 12, 2026, after the company's 18-month compliance plan expired unresolved on June 11.
- Stockholders' equity fell to $1.1 million by December 31, 2025, against a $4.0 million exchange minimum, with an accumulated deficit of $70.5 million.
- Perfect Moment will trade on OTCQB under ticker PMNT effective the week of June 15, 2026, after declining to appeal the delisting determination.
What Happened
NYSE Regulation determined that Perfect Moment was no longer suitable for continued listing after the company's compliance plan expired on June 11, 2026 without resolution. The exchange first identified the deficiency following the company's fiscal results through September 30, 2024, when stockholders' equity stood at $2.7 million — below the $4.0 million floor — with losses recorded in each of the three preceding fiscal years. A formal non-compliance notice was issued in December 2024.
By December 31, 2025, the equity position had eroded to $1.1 million, with cash and cash equivalents of $1.6 million. Management disclosed substantial doubt about the company's ability to continue as a going concern. The accumulated deficit reached $70.5 million.
Perfect Moment waived its right to a panel review, accelerating the transition away from NYSE American.Move to OTC Markets
The stock was trading near $0.22 at the time of the announcement, implying a market capitalization of approximately $18.6 million.
Financial Backdrop
Perfect Moment reported net revenue of $21.9 million for the fiscal year ended March 31, 2025, and fiscal first-quarter 2026 revenue grew 51% year-over-year to $1.5 million, partly driven by an F1 co-marketing partnership and European expansion. For the nine months ended December 31, 2025, revenue reached $17.9 million against $16.5 million in the prior-year period.Top-line momentum has not translated into balance-sheet recovery. A $10 million revolving credit facility secured by the company ahead of the compliance deadline failed to lift stockholders' equity to compliant levels before the grace period expired.
Strategic Context
Perfect Moment was founded in 1984 in Chamonix and built its identity around high-performance ski apparel before broadening into surf and activewear. It listed on NYSE American on February 8, 2024, raising approximately $8 million in its IPO — making the PMNT delisting just 28 months after its exchange debut.The brand maintains a portfolio of strategic initiatives including a planned collection for the Milano-Cortina 2026 Winter Olympics, a New York City retail presence, and expanded European distribution through new sales agencies in Southern Europe and Japan. Those brand-building efforts continue independently of the exchange transition.
