On November 7, 2024, XTI Aerospace, Inc. received a notice that its common stock faced delisting from The Nasdaq Capital Market. The company received a letter from Nasdaq on the same day, indicating that as of November 6, 2024, the closing bid price for XTI Aerospace’s common stock had fallen to $0.10 or less for ten consecutive trading days, triggering a potential delisting.
According to Nasdaq’s Listing Rule 5810(c)(3)(A)(iii), XTI Aerospace is now subject to delisting. The company has until November 14, 2024, to appeal the determination. Failure to appeal would result in the suspension of trading at the opening of business on November 18, 2024, and the filing of a Form 25-NSE with the Securities and Exchange Commission to remove XTI Aerospace’s securities from listing and registration on Nasdaq.
While the delisting notification has no immediate impact on XTI Aerospace’s common stock listing, there is no certainty regarding the company’s success in the appeal process or its ability to meet Nasdaq listing requirements in the future.
Additionally, XTI Aerospace has agreed to issue 11,955,445 shares of common stock to a holder of its Series 9 Preferred Stock. This issuance, at the price of $0.0505 per share, was part of an exchange agreement dated November 7, 2024. Following this agreement, XTI Aerospace now has 121,705,334 shares of common stock outstanding.
These recent developments highlight the challenges XTI Aerospace is facing regarding its Nasdaq listing compliance and the strategic decisions being made to address these issues. Investors and stakeholders will be closely monitoring the outcome of the appeal process to determine the future trajectory of the company.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read XTI Aerospace’s 8K filing here.
About XTI Aerospace
XTI Aircraft Company manufactures vertical takeoff airplanes. The company provides TriFan 600, which lifts off vertically. XTI Aircraft Company was formerly known as AVX Aircraft Technologies, Inc and changed its name to XTI Aircraft Company in March 2015. The company was incorporated in 2009 and is based in Englewood, Colorado.
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