Northern Data's Market Farewell: Tender Closed, Delisting Imminent for German AI Specialist
14.06.2026 - 01:41:49 | boerse-global.de
The endgame for Northern Data's public listing has arrived with ruthless speed. Rumble, the US-based video platform, has locked down roughly 85.2% of the company's outstanding shares after its exchange offer closed with 8,174,379 shares tendered – plus an additional block secured through transaction support agreements. The separate trading line for those tendered shares was already shut down at the Munich stock exchange on June 12, clearing the way for the formal delisting that is expected to follow within days.
The stock itself has been anything but stable. After plumbing a fresh 52-week low of €5.00, the shares clawed back 7.11% on Friday to close at €5.80. That tiny daily gain does little to mask the devastation: a 58.5% loss over the past 30 days and a near-59% decline since the start of the year. The RSI at 23 signals deep oversold territory, and with the 200-day moving average sitting at €13.32, the technical gap has become a chasm. The weekly collapse alone clocked in at roughly 54%.
Remarkably, the underlying business continues to chug along. Northern Data booked first-quarter revenue of €43 million and its server infrastructure utilization climbed to 85%. But those fundamentals have been completely overridden by the takeover dynamics. Rumble has made clear it will not launch a separate delisting offer, meaning minority holders face a stark choice: exit now at whatever price the thin market offers, or hold shares that will soon lose most liquidity and price transparency once the delisting from Munich's m:access segment is executed.
Should investors sell immediately? Or is it worth buying Northern Data?
Completion of the exchange is slated for mid-June, with the delisting application expected to follow on its heels. For the remaining shareholders, the €5.00 level now marks the last near-term support – and if it gives way, a further rout becomes all but inevitable. With regulated trading set to vanish, the stock will retain little appeal for retail investors. The curtain is falling on Northern Data's equity story, and the standing-room crowd has already left.
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