NusaTrip’s shares remain halted as of February 20, 2026, after the U.S. Securities and Exchange Commission and Nasdaq opened an investigation into potential manipulation of the stock through social‑media recommendations. The SEC first suspended trading on October 9, 2025, and Nasdaq issued an information request on October 9, 2025, with NusaTrip’s initial response arriving on October 14, 2025. Subsequent follow‑up requests were answered in November 2025, and a voluntary production of documents was completed in December 2025. NusaTrip filed a Form 8‑K on February 3, 2026, confirming that the trading halt remains in place despite full cooperation with regulators.
NusaTrip has responded to every information request from Nasdaq and the SEC. Written responses to follow‑up requests were submitted on November 17, 2025, and the company voluntarily produced additional documents on December 22, 2025. A final set of responses to the SEC’s document request was filed on January 20, 2026. Even with this comprehensive compliance effort, the regulatory authorities have not lifted the suspension, and NusaTrip has pledged to provide further updates as the investigation proceeds.
The continued halt limits liquidity for Society Pass, which holds a majority stake in NusaTrip. The parent company’s valuation is therefore exposed to a material risk, as the inability to trade the subsidiary’s shares restricts the ability of investors to realize value. Society Pass itself is experiencing declining revenue, negative operating and net margins, and a low Altman Z‑Score, indicating financial distress that could amplify the impact of the trading suspension.
NusaTrip completed its initial public offering in August 2025. The IPO was priced at $12.50 per share, raising $1.2 billion in gross proceeds. The offering was part of the company’s strategy to fund expansion of its integrated travel‑technology platform across Southeast Asia and the Asia‑Pacific region.
Management has stated that daily business operations remain normal and are not materially affected by the trading suspension. The company continues to serve its customer base and maintain its service commitments while it cooperates with the SEC and Nasdaq to resolve the outstanding issues.
Investors have reacted negatively to the news, reflecting uncertainty over the regulatory outcome and the potential impact on both NusaTrip’s and Society Pass’s financial positions.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.