CyberArk shares suspension is now on the calendar as Nasdaq markets prepare to process Palo Alto Networks’ acquisition of CyberArk.
Nasdaq flags the final trading window
Nasdaq’s corporate actions notice for CyberArk Software Ltd. (CYBR) lists February 10, 2026 as the anticipated last trading date and February 12, 2026 as the anticipated marketplace effective date for suspension. The notice also says that, if the merger closes as anticipated, CYBR will remain halted on the day of closing (February 11, 2026) before the suspension takes effect.
That sequence matters because it compresses the timeframe for anyone still holding CYBR, running relative-value trades, or managing settlement logistics across cash and stock consideration.
What CyberArk shareholders are slated to receive
Under the deal terms announced by Palo Alto Networks in July 2025, each CyberArk share is to be converted into the right to receive $45.00 in cash plus 2.2005 shares of Palo Alto Networks common stock (PANW).
Those terms are reiterated in the companies’ SEC merger filings, which also emphasize a key point for traders: the consideration is “fixed” in form (a set cash amount and a set exchange ratio), but the market value of the PANW stock portion moves with PANW’s share price up to completion.
A practical implication
If PANW drops, the implied value of the total package drops. If PANW rallies, the implied value rises. That’s why deal-spread pricing in the final days can stay sensitive to PANW volatility even if the closing probability is perceived as high.
Why the suspension timeline is a near-term catalyst
The most immediate impact of a pending suspension is mechanical:
Risk-arb and hedging flows can intensify
A cash-and-stock merger often attracts arbitrage funds that buy the target and hedge the acquirer. In this structure, that typically means:
Long CYBR into the final window.
Short PANW in a size approximating the exchange ratio (with real-world adjustments for borrow costs, portfolio constraints, and timing).
As the “last trading date” approaches, some strategies will tighten hedges, reduce basis risk, or exit positions to avoid being caught by a halt/suspension at an inconvenient moment.
The halt day is a checkpoint for “still-outstanding” conditions
Nasdaq uses conditional language—“if the merger closes as anticipated”—which is standard, but it also keeps attention on whether any final closing deliverables remain (for example, last-mile regulatory sign-offs or other customary closing conditions). If anything slips, the timetable can change.
Options and settlement mechanics are part of the story
Corporate actions don’t just affect common stock. Options can be adjusted and, in some deals, settlement can be delayed until final terms are determined.
The Options Clearing Corporation (OCC) issued an information memo describing anticipated option adjustments for CYBR tied to this merger. The memo outlines new deliverables based on the merger package, describes how the option deliverable is calculated from 2.2005 PANW shares plus $45.00, and notes that settlement of the stock and cash components may be delayed until final merger consideration is determined.
Tax wrinkle investors may overlook
The OCC memo also points to Israeli withholding tax considerations referenced in the proxy materials and notes the parties’ stated intent to seek a tax ruling that could affect withholding for non-Israeli shareholders who provide required declarations and documentation. For many investors, this will be handled through paying-agent processes, but it is still a detail that can matter for net proceeds and timing.
What to watch from here
With CyberArk shares suspension approaching, market participants will focus on a handful of practical signals:
Confirmation that the timetable holds
Any update that changes the “anticipated” last trading date, halt date, or suspension effective date.
Any company communication that explicitly confirms the closing date.
PANW price sensitivity into the finish
Because a large portion of the consideration is PANW stock, day-to-day moves in PANW can change the implied value of the package and influence both CYBR pricing and hedge demand.
Execution details at brokers and clearing firms
Even when the economics are clear, the operational path can differ by broker—particularly around halts, conversion timing, and cash-in-lieu for fractional shares.
CyberArk shares suspension on February 12, 2026 is therefore more than a calendar item: it’s the final mechanical phase where pricing, hedging, and settlement rules converge—and where the market quickly finds out whether the closing is truly “as anticipated.”