BlackSky Technology warrants delisted from NYSE after exchange filing

What happened

On August 26, 2026, the New York Stock Exchange filed a Form 25 with the SEC to strike the redeemable warrants of BlackSky Technology Inc. from listing and registration. The filing states the exchange complied with its rules to remove the warrants, and the issuer complied with exchange rules and SEC requirements for voluntary withdrawal.

BlackSky Technology, based in Herndon, Virginia, provides geospatial intelligence and satellite imagery services. The warrants in question are each exercisable for one-eighth (1/8th) of a share of Class A common stock at an exercise price of $92.00 per whole share.

The company's common stock remains listed, and the stock closed at $24.58 on the event date, down 2.5% from the prior close of $25.21.

Why this matters

The filing targets only the warrants, not the common stock. Warrants are derivative securities that give the holder the right to buy shares at a fixed price; here, the exercise price is $92.00 per whole share, far above the current stock price of about $24.58, making the warrants unlikely to be exercised.

Because the warrants are deep out of the money, their intrinsic value is minimal, and the company likely chose to withdraw them from listing to simplify its capital structure. The filing does not state the specific reason for the delisting, only that the exchange and issuer complied with the required procedures.

For investors, the delisting removes the warrants from public trading on the NYSE, but it does not affect the company's operations or its common stock listing.

What this means

A Form 25 is the formal notification used to remove a security from listing and registration under Section 12(b) of the Securities Exchange Act of 1934. When an exchange files it, the security is no longer traded on that exchange, and the delisting typically takes effect shortly after the filing.

In this case, the security being delisted is the warrants, not the common shares. This is a voluntary withdrawal, as indicated by the box checked for 17 CFR 240.12d2-2(c), which covers cases where the issuer initiates the delisting. The warrants are separate from the common stock, and the common stock remains listed.

Normally, after a Form 25 is filed for warrants, the warrants stop trading on the exchange within a few days. The warrants may still trade over-the-counter if a market maker agrees to quote them, but that is uncertain and depends on market participants.

It is important to distinguish this from a delisting of common stock, which would be a major event. Here, the warrants being deep out of the money (exercise price $92 vs. stock price ~$24.58) means they have little value, so the delisting is routine housekeeping rather than a signal of distress.