UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On October 2, 2024, SKYX Platforms Corp. (the “Company”) received notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, because the closing bid price for the Company’s common stock was below $1.00 per share for 30 consecutive business days, the Company is currently not in compliance with the $1.00 minimum bid price requirement and was provided an initial period of 180 calendar days to close at or above $1.00 for 10 consecutive business days as set forth in Nasdaq Listing Rules 5550(a)(2) for continued listing on the Nasdaq Capital Market (the “Bid Price Rule”) and 5810(c)(3)(A) (the “Compliance Period Rule”).
The letter has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market and does not affect the Company’s reporting requirements with the Securities and Exchange Commission.
In accordance with the Compliance Period Rule, the Company has been provided an initial period of 180 calendar days, or until March 31, 2025, to regain compliance with the Bid Price Rule. If, at any time before such date, the bid price for the Company’s common stock closes at or above $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide written notification to the Company that it complies with the Bid Price Rule, unless Nasdaq exercises its discretion to extend this 10 day period pursuant to Nasdaq Listing Rule 5810(c)(3)(H).
In the event the Company does not regain compliance by March 31, 2025, the Company may be eligible for an additional 180 calendar day compliance period to demonstrate compliance with the bid price requirement. To qualify for the additional 180-day period, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Nasdaq staff determines that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible for such additional compliance period, Nasdaq will provide notice that the Company’s common stock will be subject to delisting.
The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider available options to regain compliance with the Bid Price Rule, which could include effecting a reverse stock split. However, there can be no assurance that the Company will be able to regain compliance with the Bid Price Rule or will otherwise be in compliance with other applicable Nasdaq listing rules.
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.
| SKYX PLATFORMS CORP. | ||
| Date: October 4, 2024 | By: | /s/ Leonard J. Sokolow |
| Name: | Leonard J. Sokolow | |
| Title: | Co-Chief Executive Officer | |