The Form 25 Files Dataset is the EDGAR-sourced ledger of Form 25 and Form 25/A filings — the SEC notifications used to remove a class of securities from listing on a U.S. national securities exchange and/or to withdraw the related registration under Section 12(b) of the Securities Exchange Act of 1934. Each record in the dataset corresponds to one accession-numbered EDGAR submission of Form 25 or its amendment Form 25/A, and represents one delisting event for one class of securities of one issuer on one exchange. Filings come from two distinct populations: national securities exchanges that strike a class involuntarily, and issuers that voluntarily withdraw a listing. Coverage begins December 2001, when Form 25 became electronically available on EDGAR, and continues to the present. The dataset is distributed as monthly ZIP containers; each accession folder bundles a structured metadata.json together with the primary Form 25 document and any non-image documents that accompanied the original submission.
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Form 25 is the SEC's standardised notification used to delist a class of equity or debt securities from a national securities exchange and/or to terminate that class's registration under Section 12(b). The form is short — typically a single page of substantive content — structured as a fill-in template prescribed by 17 CFR 249.25 and the rules in 17 CFR 240.12d2-2. It is filed either by the exchange that is striking the class or by the issuer that is voluntarily withdrawing the class. The form's content is intentionally narrow: it is a regulatory notice, not a disclosure document. There are no financial statements, no MD&A, no risk factors, and no exhibits in the 10-K/8-K sense. The substance is the identification of the issuer, the class of securities, the exchange, the rule paragraph being relied upon, and the signature attesting to the action.
Form 25/A is the amendment variant, used to correct, supplement, or in rare cases withdraw a previously filed Form 25. Amendments share the same template and the same EDGAR submission shape; the body normally identifies the prior Form 25 being amended (by accession number or filing date) and the field(s) being corrected.
The dataset covers all Form 25 and Form 25/A submissions accepted by EDGAR from December 2001 forward. Pre-EDGAR paper Form 25 notifications going back to the original Section 12(b) framework are not included. Records ship in monthly ZIP partitions named YYYY/YYYY-MM.zip, and the file types appearing in the dataset are HTML, JSON, TXT, and PDF.
A single record in the Form 25 Files Dataset is one accession-numbered EDGAR submission of a Form 25 or Form 25/A — that is, one notification of removal from listing and/or registration of a class of securities under Section 12(b) of the Securities Exchange Act of 1934, or one amendment thereto. On disk, each record materialises as a folder named with the 18-digit, dash-stripped EDGAR accession number (for example, 000110465925102828/), nested inside a monthly partition YYYY-MM/ that ships as YYYY/YYYY-MM.zip. The folder contains a metadata.json describing the filing plus the primary Form 25 document as it was submitted to EDGAR. The record unit is therefore the filing (one accession number = one record), not the issuer, the exchange, or the security class — although in practice each Form 25 corresponds to a single class of securities being struck from listing or having its Section 12(b) registration withdrawn.
Two distinct statutory clocks attach to a single Form 25:
The effectivenessDate field in metadata.json reflects the date the filer asserts the action becomes effective; consumers reconstructing the regulatory timeline should compare it against filedAt to infer whether the filer is reporting the 10-day delisting date, the 90-day deregistration date, or both.
Each record folder contains two layers of content:
metadata.json carrying the filing-level header information, entity descriptors, and an inventory of the documents that constituted the original EDGAR submission..htm file with a filer-chosen filename (e.g. form25.htm, tm2529533d2_25.htm, d68589d25.htm). The file is wrapped in EDGAR's standard <DOCUMENT> SGML envelope.HTML is the dominant body format for the Form 25 itself; JSON is the metadata format; TXT appears in older submissions where the filer rendered the form as plain ASCII rather than HTML; PDF appears in the rare cases where an attached cover letter or scanned signature page was submitted alongside the form. Image attachments referenced by the original submission (corporate logos, GIF/PNG decorations, raster signatures) are intentionally excluded from the dataset.
metadata.json shapeThe metadata file is the canonical structured view of one filing. Its top-level fields are:
formType — the literal EDGAR form code, either "25" or "25/A".accessionNo — the EDGAR accession number in dashed form, e.g. "0001104659-25-103215". The folder name is the same number with dashes removed.effectivenessDate — ISO date (YYYY-MM-DD) on which the delisting/withdrawal becomes effective, as asserted by the filer. For removal from listing this is filing date plus ten days; for withdrawal of registration the filer typically reports the date 90 days after filing.filedAt — ISO 8601 timestamp with timezone offset for the moment EDGAR accepted the submission, e.g. "2025-10-28T16:35:06-04:00".description — human-readable form caption, e.g. "Form 25 - Notification of the removal from listing and registration of matured, redeemed or retired securities".linkToFilingDetails — direct URL to the primary Form 25 HTML document on sec.gov/Archives.linkToTxt — URL to the complete EDGAR SGML submission .txt, the wrapper containing every sub-document filed under the accession.linkToHtml — URL to the EDGAR filing index page (*-index.htm).linkToXbrl — empty string; Form 25 carries no XBRL.id — a 32-character hex internal record identifier.documentFormatFiles — array of objects describing each filed document (see below).dataFiles — array, always empty for Form 25 (reserved for XBRL/data attachments).entities — array of entity descriptors drawn from the EDGAR header (see below).seriesAndClassesContractsInformation — array, always empty for Form 25 (reserved for fund-style series/contract identifiers).documentFormatFiles[]Each entry describes one document associated with the EDGAR submission. Fields:
sequence — document sequence within the submission; "1" for the primary Form 25, " " (single space) for the complete submission text wrapper.size — byte size of the document as a string (e.g. "11893").documentUrl — direct URL to the document on EDGAR.description — document description (e.g. "FORM 25", "25", or "Complete submission text file").type — document type code ("25" for the form, " " for the wrapper TXT).Typical Form 25 filings produce exactly two entries: the primary Form 25 HTML and the complete-submission .txt SGML wrapper. Form 25/A amendments and unusual filings may add cover letters, correspondence, or supplemental certifications as additional sequenced entries.
entities[]One object per filer/issuer/related party recorded in the EDGAR header. Fields:
companyName — issuer/filer name with parenthetical role suffix, e.g. "HarborOne Bancorp, Inc. (Filer)". The role suffix is the most reliable signal of who actually submitted the filing; for exchange-initiated involuntary delistings the entity bearing (Filer) is the exchange itself, not the issuer.cik — Central Index Key as a numeric string, no zero padding (e.g. "1769617").tickers — array of trading symbols associated with the entity (e.g. ["HONE"] or ["ADAPY", "ADAP"] for ADR-plus-ordinary pairs).fileNo — SEC file number, e.g. "001-38955". Matches the Commission File Number printed on the face of the form.filmNo — EDGAR film number for this entity record.irsNo — IRS employer identification number; "000000000" when not provided.fiscalYearEnd — MMDD string for the entity's fiscal year-end (e.g. "1231", "0201").stateOfIncorporation — two-letter state or country code (e.g. "DE", "MA", "X0" for non-US).act — securities act under which the entity reports, typically "34" (Exchange Act).type — form type associated with this entity record (e.g. "25").sic — Standard Industrial Classification code with description (e.g. "6022 State Commercial Banks", "7389 Services-Business Services, NEC").The primary document is an HTML file wrapped in EDGAR's standard SGML envelope:
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<DOCUMENT>
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<TYPE>25
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<SEQUENCE>1
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<FILENAME>tm2529533d2_25.htm
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<DESCRIPTION>FORM 25
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<TEXT>
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<HTML>... full HTML rendering of the Form 25 filing ...</HTML>
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</TEXT>
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</DOCUMENT>
The header tags identify the document type (25 or 25/A), its sequence within the submission, the filer's chosen filename, and a short description. Inside the <TEXT> block, the filer ships their own visual rendering of the prescribed Form 25 template — some use Workiva/Wdesk-generated HTML with embedded styles, others ship plain Times New Roman tabular layouts — but the substantive fields are uniform across filings because the template is fixed by Commission rule.
The rendered body contains, in order:
entities[].fileNo in the metadata./s/-style signature, printed name, and title (e.g. 10/10/2025, /s/ Charles Baker, "Chief Financial Officer").The rule-paragraph checkbox is the single most informative substantive field for downstream classification. Broadly: (a)(1)–(a)(4) indicates the class has matured, been redeemed, expired, or otherwise ceased to exist; (b) indicates exchange-initiated involuntary striking; (c) indicates issuer-initiated voluntary withdrawal. This selection is not separately structured in metadata.json and must be parsed from the HTML body.
Form 25/A amendments use the same template; the only structural difference is that formType is "25/A" and the body normally identifies which prior Form 25 (by accession or filing date) is being amended and which fields are being corrected.
Each record bundles the structured metadata.json plus the primary Form 25 document as filed (HTML in the overwhelming majority of cases, occasionally TXT or PDF). Where the EDGAR submission included additional non-image documents — cover letters, correspondence exhibits, supplemental certifications — those are included alongside the primary form. The metadata's documentFormatFiles[] array enumerates every document in the original submission, including the complete-submission SGML wrapper.
Image attachments (JPEG, GIF, PNG) referenced inside the HTML rendering — corporate logos, scanned signatures embedded as raster files — are intentionally excluded by the publisher to keep the dataset compact. The complete SGML submission .txt wrapper is referenced by metadata.json.linkToTxt and inventoried in documentFormatFiles[], but the wrapper file itself is not stored on disk; the URLs in documentFormatFiles[] can be followed to retrieve it from EDGAR if needed. There are no separate financial statement attachments, no XBRL instance documents, and no exhibits in the 10-K/8-K sense, because Form 25 does not require any.
Form 25/A records sit in the same monthly partition and the same accession-folder layout as Form 25 records and share the metadata schema. The distinguishing markers are:
formType is "25/A".description carries an "Amendment" or 25/A caption.Because amendments are filed under their own accession numbers, the dataset treats them as independent records; reconstructing an amendment chain requires linking on issuer CIK, file number, and the prior accession reference parsed from the amendment body.
The substantive field set of Form 25 has been stable across the dataset window, but the modern face page reflects a material 2005–2006 rule rewrite. The contemporary form derives from Rule 12d2-2 as substantially revised by SEC Release No. 34-52029 (effective April 24, 2006), which redistributed responsibility between exchanges and issuers, made Form 25 the single mandatory channel for both exchange-initiated strikings and issuer-initiated voluntary withdrawals, and standardised the rule-paragraph checkbox structure (the (a)(1)–(a)(4) / (b) / (c) lattice) that appears on the modern face page. Filings from December 2001 through early 2006 use the older pre-rewrite template, which framed delisting somewhat differently and did not yet expose that checkbox lattice in its current form. As a consequence, post-2006 filings cluster around the (b) and (c) checkboxes that did not exist as standalone selections previously.
The OMB approval block at the top of the form is reissued periodically: OMB control number 3235-0080 has remained constant, but the expiration date and burden estimate are refreshed across the years. Form 25/A as an amendment vehicle has been available throughout the dataset window.
Form 25 has been an EDGAR-electronic filing since the dataset's earliest record (December 2001). Mandatory electronic filing of Form 25 by exchanges and issuers was extended and finalised through the 2005–2006 rulemakings; older paper Form 25 notifications that predate EDGAR electronic acceptance fall outside the dataset. Within the EDGAR era, the document body has been delivered overwhelmingly as HTML wrapped in the standard <DOCUMENT> SGML envelope. A small minority of older filings appear as plain-text ASCII renderings of the template (the TXT file-type), and a very small number of submissions include a PDF cover letter or attachment.
metadata.json.accessionNo uses the dashed form. The two refer to the same filing.filedAt and effectivenessDate are different anchors. filedAt is the EDGAR submission timestamp; effectivenessDate is the date the filer asserts the delisting/withdrawal becomes effective. The two differ by the 10-day or 90-day statutory clock; downstream analytics should not conflate them.entities[] typically contains both an Issuer and a Filer record. For exchange-initiated delistings the filer entity is the exchange itself, not the issuer. The role suffix in companyName is the authoritative signal of who submitted the filing.metadata.json; it must be extracted from the rendered Form 25 body.tickers reflects symbols at metadata capture time. Multiple symbols may appear when ADRs and ordinary shares are filed under one CIK.formType; everything else (folder layout, document inventory, entity descriptors) is identical.dataFiles and seriesAndClassesContractsInformation are intentionally empty. They exist for schema compatibility across the publisher's broader dataset family and should not be treated as missing data for Form 25.Each record is a Form 25, or its amendment Form 25/A, submitted to EDGAR to notify the Commission that a class of securities is being struck from listing on a national securities exchange and/or that the issuer's Section 12(b) registration tied to that listing is being withdrawn. One Form 25 corresponds to one delisting event for one class of securities of one issuer on one exchange. The filer is either the national securities exchange that maintains the listing or the issuer of the security, depending on whether the delisting is exchange-initiated or issuer-initiated.
Two distinct filer populations appear in the dataset.
National securities exchanges. When a listing is terminated by exchange action, the exchange itself is the filer. Relevant filers are U.S. national securities exchanges registered with the Commission under Section 6 of the Exchange Act, including the New York Stock Exchange, The Nasdaq Stock Market (covering the Nasdaq Global Select, Nasdaq Global Market, and Nasdaq Capital Market tiers through Nasdaq Stock Market LLC and its listing affiliates), NYSE American (formerly NYSE MKT and the American Stock Exchange), NYSE Arca, Cboe BZX, Cboe BYX, Cboe EDGA, Cboe EDGX, IEX, MIAX Pearl, and the Long-Term Stock Exchange. Each exchange files Form 25 in its own name when removing a class pursuant to its own rules.
Issuers. When the delisting is voluntary, the issuer files Form 25 in its own name. The issuer population overlaps with Section 12(b)-registered reporting companies and includes domestic operating companies, foreign private issuers, business development companies, closed-end funds, exchange-traded funds and other investment company structures, special purpose acquisition companies, and issuers of listed notes, warrants, depositary receipts, and units. Where the issuer is the filer, the security class identified on the form is its own.
The EDGAR filer identity distinguishes the two populations: in exchange-initiated filings the exchange's CIK appears as filer and the issuer is identified inside the form body; in issuer-initiated filings the issuer's CIK is the filer.
Form 25 is event-driven. It is triggered once a determination has been made that a listed class will be removed from the exchange or that the related Section 12(b) registration will be withdrawn. Common triggers include:
Form 25 is the notification form prescribed under Section 12(b) of the Securities Exchange Act of 1934 and Rule 12d2-2 thereunder (17 CFR 240.12d2-2), with the form codified at 17 CFR 249.25.
Rule 12d2-2 sets out two procedural pathways:
The dataset combines both populations into a single record set, distinguished by filer identity and by the rule citation reported on the form.
The 10-day delisting and 90-day Section 12(b) deregistration clocks documented in the record-anatomy section explain why Form 25 is paired in time with other filings. Issuers commonly disclose the delisting determination on Form 8-K under Item 3.01 (Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing) before, contemporaneously with, or shortly after Form 25. An exchange-imposed trading suspension often precedes Form 25, and trading on the exchange ceases by day 10. After Form 25, issuers seeking to end Section 12(g) registration or Section 15(d) reporting frequently file Form 15, because Form 25 addresses only the Section 12(b) registration tied to the listing, not Section 12(g) registration or Section 15(d) reporting that may exist independently.
Form 25/A records are amendments to previously filed Form 25 notifications. They correct, update, or supplement the original filing, for example to fix the security class or CUSIP, revise the Rule 12d2-2 subparagraph cited, correct issuer name, CIK, or exchange identification, update the stated delisting effective date, or withdraw a notification where the underlying determination has been rescinded or restructured. The 25/A is generally filed by the same party that filed the original, though responsibility may shift between the original and the amendment.
The notification regime originates with Section 12(b) of the Exchange Act and Rule 12d2-2. The current bifurcated structure giving issuers a direct pathway to file Form 25 (rather than relying on the exchange) was established by the Commission's 2005 amendments to Rule 12d2-2 and Form 25 (Release No. 34-52029), which made Form 25 mandatory for issuer-initiated delistings and required electronic filing on EDGAR (applicable to filings beginning April 24, 2006). Form 25 filings became electronically available on EDGAR from late 2001, which is reflected in this dataset's coverage beginning December 2001. Pre-EDGAR paper Form 25 notifications going back to the original Section 12(b) framework are not included. Form 25/A appears under the same electronic filing regime and follows the same submission mechanics as the underlying Form 25.
Form 25 sits in a tightly choreographed sequence of delisting and deregistration filings. The most useful comparisons are with the filings that precede, accompany, or complete the same corporate event: the Form 15 family, Form 8-K item-level disclosures, Schedule 13E-3, the legacy Form 25-NSE designation, the inverse Form 8-A registration filings, and Form 25/A amendments.
Form 15 is the closest functional neighbor and the filing most often confused with Form 25. The two are sequential, not redundant.
Form 25 is event-specific to exchange removal and contains the rule citation and effective date. Form 15 variants address the broader reporting-obligation regime and end the duty to file 10-K, 10-Q, and 8-K reports. A full deregistration arc requires both datasets; Form 25 alone does not show whether periodic reporting continued afterward.
Item 3.01 ("Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing") is the issuer's contemporaneous narrative of the same delisting event, due within four business days of the trigger. Form 25 is a short structured SEC notice identifying the exchange, issuer, CIK, security class, applicable rule, and effective date. Item 3.01 contains prose: the exchange's stated reasons, appeal status, transfer arrangements, and management commentary.
Adjacent items often appear in the same workflow:
These items are issuer-filed prose with exhibit attachments. Form 25 is the exchange-filed regulatory notice with the rule citation. They are complements, not substitutes.
Schedule 13E-3 is filed by the issuer or an affiliate under Rule 13e-3 when a transaction has the reasonably likely effect of causing a class to be delisted or deregistered — typically a management buyout, controlling-shareholder squeeze-out, or take-private merger. It precedes Form 25 and carries the substantive disclosure: fairness analysis, financial projections, transaction structure, board deliberations, and Rule 13e-3 justifications.
The relationship is causal. Schedule 13E-3 documents why and how; Form 25 records the operational exchange removal. A 13E-3 without a subsequent Form 25 indicates a transaction that did not close. A Form 25 without a preceding 13E-3 indicates a delisting driven by something other than a Rule 13e-3 transaction (failure to meet listing standards, voluntary venue change, merger into a public acquirer).
Form 25-NSE is not a separate form type but a legacy EDGAR tag for paper-era exchange notifications submitted before electronic Form 25 filing was standardized. The modern Form 25 electronic filing absorbed this lineage. This dataset begins December 2001 and reflects the electronic-era population. Pre-2001 paper delisting notices exist outside EDGAR; the Form 25 record on EDGAR is not coextensive with the full historical population of exchange delisting notices.
Form 8-A is the registration counterpart to Form 25. Where Form 25 removes a class from exchange listing under Section 12(b), Form 8-A12B registers a class under Section 12(b) for listing on a national exchange and Form 8-A12G registers under Section 12(g). 8-A is the entry-point filing; Form 25 is the exit-point filing.
Joined on CIK and security class, the 8-A registration date and the Form 25 effective date bookend a class's public-listing lifecycle. Neither dataset carries the other's content: Form 25 has no information about original listing terms, and 8-A has no information about the eventual delisting reason or rule.
Form 25/A filings amend previously filed Form 25 notices. Typical amendments correct the issuer name, security class identification, rule citation, or effective date, or withdraw a prior notice before it takes effect. They are not separate delisting events. To reconstruct the population of distinct delisting events, treat each 25/A as an update to its parent 25 accession, analogous to 10-K/A relative to 10-K.
This dataset is the authoritative ledger of formal Section 12(b) exchange-removal notices and their amendments — when, by whom, under which rule, and effective on what date a security ceased to trade on a U.S. national securities exchange. It does not capture the issuer's narrative explanation (Item 3.01 8-K), the going-private transactions that may have caused the event (Schedule 13E-3), the subsequent termination of reporting duties (Form 15-12B), or the original listing terms (Form 8-A12B). To analyze a full delisting episode or listing lifecycle, Form 25 must be joined with those neighbors; standing alone, it answers when and under what rule a class was delisted, not why or what followed.
Form 25 and 25/A filings serve a narrow but operationally intense readership. Because effectiveness is deterministic (ten days for delisting, ninety days for deregistration), records function as triggers, not just disclosures. The fields that drive every workflow are effectivenessDate, the rule citation (12d2-2(b) for exchange-initiated removal versus 12d2-2(c) for voluntary), filer entity, issuer name and CIK, file number, ticker and class, and exchange identifier.
Securities counsel and paralegals at law firms and in-house teams use the filer-entity field to separate exchange-initiated removals from voluntary issuer filings, since procedural duties diverge: 12d2-2(c) requires board resolutions, prior exchange notice, a press release, and a ten-day wait. They mine the dataset for precedent libraries filtered by rule citation, exchange, and class to draft client notifications, calendar the ten-day and ninety-day windows, and confirm proper Form 15 sequencing.
Methodology committees, benchmark administrators, and ETF operations groups treat effectivenessDate as a hard removal trigger. The date and cik are the join keys for security-master updates, forced sales, in-kind redemptions, and corporate-actions queues. Historical records validate reconstitution histories and test eligibility screens that require active national-exchange listing.
Securities-lending and prime-brokerage operations use Form 25 to manage recalls, rebate moves, and collateral haircuts as lendable supply dries up. Filer entity and rule citation indicate whether the security migrates to OTC or goes dark; effectivenessDate schedules recall notices, terminates open loans, and reprices rebates. Margin teams update locate eligibility and short-sale availability from the same fields.
Quant factor researchers and academic finance researchers anchor delisting event dates with regulatory precision rather than vendor flags that drift. The combination of cik, ticker, class, effectivenessDate, and rule citation supports clean samples for survivorship bias, post-delisting returns, listing-standard failures, going-private outcomes, and forced-versus-voluntary price impact. Stratifying by rule separates compliance-failure delistings from going-dark transactions.
ECM bankers, IPO calendar teams, and M&A advisors track competitor delistings, take-privates, and the closing footprint of completed acquisitions. Filer entity, rule, and CIK distinguish merger-driven removals from sponsor-led going-dark deals and voluntary withdrawals. Advisors use the records to build pitch evidence on sector take-private velocity, confirm extinguishment of a target's prior listing, and align deregistration timing with post-closing financing.
Distressed analysts identify forced delistings tied to listing-standard failures, bankruptcy effectiveness, and OTC migration. Rule 12d2-2(b) often correlates with minimum-bid-price, market-cap, or stockholders'-equity failures; issuer-driven filings often follow Chapter 11 plan effectiveness. Desks pair effectivenessDate with bankruptcy docket events and OTC quotation starts to time entries, manage liquidity on pink-sheet positions, and benchmark recovery rates.
Custody, transfer-agent, and broker-dealer compliance teams reconcile listed-status changes to Form 25 effectiveness dates per CUSIP using filer entity, file number, and exchange identifier. Workflows flag accounts holding newly delisted securities for suitability and concentration review, suppress solicitation on OTC-migrated names, update margin and Reg T eligibility, and feed surveillance for manipulation in thin post-delisting tape.
Reference-data and data-engineering teams at market-data vendors, terminal providers, and analytics platforms parse filer entity, CIK, ticker, class, exchange, rule, and effectivenessDate into normalized listing-event records. Pipelines propagate status through downstream security masters, apply 25/A amendments to correct prior effective dates or rule citations, and run on the EDGAR feed so transitions land in production ahead of the ten-day boundary.
Lawyers draft from it, index and ETF teams trade from it, lending desks reprice from it, researchers build event samples from it, and custodians, broker-dealers, and data vendors keep reference data in sync with it. The same small field set (filer type, rule, CIK, ticker, exchange, file number, effectiveness date) drives every deadline-bound workflow across the full December 2001 to present record.
The dataset's narrow field set — formType, effectivenessDate, filedAt, the rule paragraph parsed from the HTML body, entities[] filer-vs-issuer roles, cik, tickers, fileNo, and exchange name — supports a handful of concrete, deadline-bound workflows.
Calendar the 10-day and 90-day statutory clocks for security-master updates. Index providers, ETF operations, and custodians ingest each new accession, take filedAt as the anchor and effectivenessDate as the assertion, and schedule two events per record: a T+10 listing-removal flag and a T+90 Section 12(b) deregistration flag. The pipeline writes to the security master keyed on cik plus tickers[], drives forced sales and in-kind redemption queues, and applies any formType = "25/A" record as a correction to the parent accession's effective date.
Stratify delistings into voluntary, involuntary, and ceased-to-exist buckets by parsing the 12d2-2 checkbox. Quant researchers and distressed-debt desks parse the rule-paragraph lattice from the primary Form 25 HTML — (a)(1)–(a)(4) for matured/redeemed/expired classes, (b) for exchange-initiated strikings, (c) for issuer-initiated voluntary withdrawals — and join the resulting label to cik and effectivenessDate. The labelled set powers survivorship-bias-corrected event studies, separates compliance-failure delistings from going-private exits, and feeds distressed entry timing against bankruptcy docket dates.
Identify exchange-initiated involuntary delistings via filer-entity role. Compliance and risk teams filter entities[] for records where the (Filer) role suffix sits on an exchange name (Nasdaq, NYSE, NYSE American, Cboe BZX) rather than the issuer, then cross-check the rule paragraph for 12d2-2(b). The output drives suitability reviews on accounts holding the affected ticker, suppresses solicitation, and routes the position to the OTC-migration handling queue before the T+10 effective date lands.
Reconstruct full delisting episodes by joining Form 25 to neighboring filings. Securities counsel and M&A advisors use cik and fileNo to chain Form 25 records to the issuer's prior 8-K Item 3.01 narrative, any preceding Schedule 13E-3, and the subsequent Form 15-12B that closes out Section 12(b) reporting. The Form 25 record contributes the authoritative rule citation and effective date; the joined view answers why the class was delisted, what closed before it, and whether periodic reporting actually terminated.
Build a listing-lifecycle table by bookending Form 8-A12B with Form 25. Benchmark and academic teams join the 8-A12B registration date for a given cik and class to the Form 25 effectivenessDate for the same class to produce a per-security exchange-listed lifespan. Stratifying by exchange name and 12d2-2 paragraph yields venue-level and reason-level survival curves usable for eligibility-screen back-tests and sector take-private velocity charts.
Apply Form 25/A amendments as corrections rather than new events. Data-engineering teams treat formType = "25/A" records as updates against the parent Form 25 accession by parsing the prior-accession or prior-filing-date reference from the amendment body and matching on issuer cik and fileNo. Corrected effectivenessDate, class description, or rule citation overwrite the parent record in the listing-event table; withdrawn-before-effective amendments mark the parent as void so downstream forced-sale and deregistration triggers do not fire.
The Form 25 Files Dataset is available through three access methods. All download endpoints require sec-api.io API key authentication, passed as a token query parameter.
Dataset Index JSON API: https://api.sec-api.io/datasets/form-25-files.json
This endpoint returns dataset-level metadata (name, description, last updated timestamp, earliest sample date, total records, total size, form types, container format, and file types) along with the full list of monthly containers. Each container entry includes its key, size, records, updatedAt, and a direct downloadUrl. Use it to monitor which containers were refreshed in the latest run and decide which files to pull. This endpoint does not require an API key.
Example response:
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{
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"datasetId": "1f13365b-9ae0-6958-8707-4c69b205f18f",
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"datasetDownloadUrl": "https://api.sec-api.io/datasets/form-25-files.zip",
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"name": "Form 25 Files Dataset",
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"updatedAt": "2026-04-25T02:56:52.894Z",
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"earliestSampleDate": "2001-12-01",
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"totalRecords": 2815,
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"totalSize": 9036897,
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"formTypes": ["25", "25/A"],
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"containerFormat": "ZIP",
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"fileTypes": ["HTML", "JSON", "TXT", "PDF"],
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"containers": [
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{
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"downloadUrl": "https://api.sec-api.io/datasets/form-25-files/2025/2025-10.zip",
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"key": "2025/2025-10.zip",
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"size": 142336,
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"records": 41,
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"updatedAt": "2025-11-01T03:12:48.000Z"
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}
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]
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}
Fetch the index with:
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curl -o form-25-files.json https://api.sec-api.io/datasets/form-25-files.json
Download Entire Dataset: https://api.sec-api.io/datasets/form-25-files.zip?token=YOUR_API_KEY
Downloads a single ZIP archive containing every monthly container from December 2001 to the present. Requires an API key.
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curl -o form-25-files.zip "https://api.sec-api.io/datasets/form-25-files.zip?token=YOUR_API_KEY"
Download Single Container: https://api.sec-api.io/datasets/form-25-files/2025/2025-10.zip?token=YOUR_API_KEY
Containers are organized by year and month (e.g., 2025/2025-10.zip). Use the key value from the index JSON to construct the URL and pull only the months you need. Once decompressed, each container exposes per-accession-number folders containing a metadata.json plus the original HTML filing document. Requires an API key.
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curl -o 2025-10.zip "https://api.sec-api.io/datasets/form-25-files/2025/2025-10.zip?token=YOUR_API_KEY"
The dataset covers Form 25 and Form 25/A filings submitted to EDGAR. Form 25 is the SEC notification of removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934, and Form 25/A is its amendment variant.
One record is a single accession-numbered EDGAR submission of a Form 25 or Form 25/A — that is, one delisting notification for one class of securities of one issuer on one exchange. On disk, each record is a folder named with the dash-stripped 18-digit accession number, containing a metadata.json and the primary Form 25 document.
Form 25 is filed either by the national securities exchange that strikes a class from listing under Rule 12d2-2(b), or by the issuer that voluntarily withdraws a class under Rule 12d2-2(c). The role suffix in entities[].companyName ((Filer) versus (Issuer)) and the rule paragraph checked on the form indicate which population a given record belongs to.
Two clocks attach to a single Form 25. Removal from listing on the exchange becomes effective ten days after filing under Rule 12d2-2(d)(1), and termination of Section 12(b) registration becomes effective ninety days after filing under Rule 12d2-2(d)(2), unless the Commission accelerates or postpones either window.
Coverage begins December 2001, reflecting Form 25's electronic availability on EDGAR, and continues to the present. Pre-EDGAR paper Form 25 notifications are not included.
The dataset is distributed as monthly ZIP containers. The file types appearing inside are HTML (the dominant body format for Form 25 itself), JSON (the metadata.json), TXT (older ASCII renderings of the form), and PDF (rare cover letters or scanned attachments). Image attachments such as JPEG, GIF, and PNG files referenced inside the HTML are intentionally excluded, and the complete-submission SGML .txt wrapper is referenced by URL but not stored on disk.
Form 25 ends the exchange listing and the Section 12(b) registration tied to that listing. Form 15 (and its variants 15-12B, 15-12G, 15-15D) ends the broader reporting-obligation regime — Section 12(g) registration and/or Section 15(d) reporting — that drives 10-K, 10-Q, and 8-K duties. Form 15-12B is the natural successor filed by the issuer immediately after the Form 25's 90-day Section 12(b) window closes; an issuer with more than the threshold number of holders of record may still need a separate Form 15 to fully deregister.