AgEagle Aerial Systems Inc. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Regulation FD Disclosure, Financial Statements and Exhibits
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, AgEagle Aerial Systems Inc. (the “Company” or “AgEagle”) received a notification (the “April Letter”) from The NYSE American LLC (the “NYSE American”) on April 23, 2025 stating that the Company was not in compliance with the minimum stockholders’ equity requirements of Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) (collectively, the “Listing Rules”) of the NYSE American Company Guide (the “Company Guide”) requiring stockholders’ equity of (i) $2.0 million or more if the Company has reported losses from continuing operations and/or net losses in two of its three most recent fiscal years, (ii) $4.0 million or more if the Company has reported losses from continuing operations and/or net losses in three of the four most recent fiscal years and (iii) $6.0 million or more if the Company has reported losses from continuing operations and/or net losses in its five most recent fiscal years, respectively. As of December 31, 2024, the Company had a stockholders’ deficit of $5.7 million and has had losses in the most recent five fiscal years ended December 31.
Pursuant to the April Letter, the Company had until May 23, 2025 to submit a plan (the “Plan”) of actions it has taken or will take to regain compliance with the Listing Rules by October 23, 2026, which is eighteen months from receipt of the April Letter (the “Plan Period”). The Company submitted the Plan on May 21, 2025.
On July 8, 2025, the Company received a notification (the “July Letter”) from the NYSE American notifying the Company that it had reviewed the Plan and the Company’s financial statement projections and determined to accept the Plan and grant a plan period through the expiration of the Plan Period. During the Plan Period, the staff of the NYSE American (the “Staff”) will review the Company periodically for compliance with the initiatives outlined in the Plan. The July Letter stated that if the Company is not in compliance with the Listing Rules by the expiration of the Plan Period, or if the Company does not make progress consistent with the Plan during the Plan Period, the Staff will initiate delisting proceedings as appropriate. The Company may appeal a Staff delisting determination in accordance with Section 1010 and Part 12 of the Company Guide (a “Delisting Appeal”).
The July Letter has no immediate impact on the listing of the Company’s shares of common stock, which will continue to be listed and traded on the NYSE American, subject to the Company’s compliance with the other listing requirements of the NYSE American. The July Letter does not affect the Company’s ongoing business operations or its reporting requirements with the Securities and Exchange Commission (the “SEC”).
The Company is exercising diligent efforts and intends to regain compliance with the Listing Rules within the Plan Period, however there can be no assurance that the Company will be able to regain compliance with the Listing Rules prior to the expiration of the Plan Period, that the Company will otherwise be in compliance with other applicable NYSE American listing rules, or that any Delisting Appeal would be successful.
Forward-Looking Statements
Certain statements in this Current Report on Form 8-K may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, contained in this Current Report on Form 8-K are forward-looking statements. Forward-looking statements contained in this Current Report on Form 8-K may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “suggest,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on AgEagle’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including risks related to future financial and operating results, the timing and fulfilment of current and future purchase orders relating to AgEagle’s products, the success of new programs and software updates, the ability to implement a new strategic plan, the success of a new strategic plan, and AgEagle’s ability to return to and maintain compliance with NYSE American continued listing standards. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of AgEagle in general, see the risk disclosures in the Annual Report on Form 10-K of AgEagle for the year ended December 31, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by AgEagle. All such forward-looking statements speak only as of the date they are made, and AgEagle undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise.
Item 7.01. Regulation FD Disclosure.
A copy of the Company’s press release with respect to the Company’s receipt of the July Letter is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference in this Item 7.01.
The information provided in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for any purpose, nor shall the information or Exhibit 99.1 be deemed incorporated by reference in any filings under the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits.
| Exhibit No. | Description of Exhibit | |
| 99.1 | Press Release, dated July 14, 2025 | |
| 104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: July 14, 2025 | AGEAGLE AERIAL SYSTEMS INC. | |
| By: | /s/ Alison Burgett | |
| Name: | Alison Burgett | |
| Title: | Chief Financial Officer | |