Key Highlights

● SilverBox Corp IV (NYSE:SBXD) fell below the $40 million market-cap standard required for NYSE-listed SPACs.

● NYSE staff determined to delist the company's units, Class A shares and warrants, with trading suspended September 25, 2026.

● Securities are set to begin trading over the counter on September 28, 2026 following the suspension.

● SilverBox retains a right to appeal the determination to a Committee of the NYSE Board of Directors, not yet exercised.

SilverBox Corp IV (NYSE:SBXD), a special purpose Acquisition company listed on the New York Stock Exchange, disclosed in a Form 8-K filed September 25, 2026 that NYSE staff have moved to delist the company's units, Class A ordinary shares and warrants. The exchange found SilverBox no longer meets a listing standard reserved for blank-check companies, and trading in the securities is set to shift off the Big Board and onto the over-the-counter market this week.

A Market-Cap Test Built for SPACs

SilverBox is one of many acquisition companies that list on NYSE under Section 802.01B of the exchange's Listed Company Manual, a rule tailored to SPACs that have not yet closed a merger. That standard requires an acquisition company to maintain an average aggregate global market Capitalization attributable to its publicly held shares of at least $40,000,000, measured over a consecutive 30 trading-day period. The filing states plainly that SilverBox fell short of that $40 million threshold, though it does not disclose the company's actual Market Value at the time of the determination.

The rule exists because SPACs raise money from public investors with the promise of finding and closing an acquisition within a set window. When a SPAC's public float shrinks too far, often because shareholders have redeemed shares while waiting for a deal, or because a deadline is approaching without a transaction, the exchange treats it as no longer viable for continued listing among NYSE-traded companies.

What the NYSE Staff Decided

According to the 8-K, NYSE staff determined to commence proceedings to delist the Company's units, Class A ordinary shares and warrants from the NYSE based on the Section 802.01B market-cap standard. The three security types trade under the tickers SBXD (Class A shares), SBXD.U (units) and SBXD.WS (warrants). The company says it received the notice on September 25, 2026, and that trading in its securities was suspended on the NYSE effective the same day.

The filing identifies this as a formal delisting determination rather than a preliminary warning, meaning NYSE has already decided to proceed rather than simply flagging a deficiency with a cure period, which is the process typically used for financial or governance-based shortfalls rather than a hard market-cap floor for shell companies.

A Right to Appeal, Not Yet Exercised

SilverBox does retain one avenue to contest the outcome. The 8-K states that the company has a right to a review of the Staff's determination by a Committee of the Board of Directors of the NYSE. The filing does not say whether SilverBox intends to request that review, and it offers no timeline for when such a request would need to be filed or decided. Absent a successful appeal, the delisting proceeds as scheduled.

Moving to the OTC Market

The filing sets September 28, 2026 as the date SilverBox's units, Class A shares and warrants become eligible to trade over the counter. A shift to OTC trading typically means wider bid-ask spreads, less liquidity, and no automatic re-entry to a national exchange without meeting fresh listing standards, though the securities do not become worthless or stop trading altogether as a result of the move.

The 8-K does not disclose whether SilverBox has identified a Merger target, how much cash remains in its trust account, or when its outside deadline to complete a Business combination falls. It also contains no description of the company's stated acquisition strategy or sector focus, since the filing is limited to the delisting notice under Item 3.01 of Form 8-K.

Milestones Ahead for SilverBox Investors

September 28, 2026 is the date SilverBox's units, Class A shares and warrants begin trading over the counter after NYSE suspension. Whether SilverBox requests a review of the delisting determination from the NYSE board committee, and the outcome of any such appeal, remains to be seen. Any subsequent disclosure on the status of SilverBox's trust account, merger timeline or outside deadline to complete a business combination would also be worth tracking.