XMax Inc. (XWIN): Nasdaq/NYSE listing notice — Nova LifeStyle receives NASDAQ delisting notice for failing to meet stockholders' equity requirement

XMax Inc.

NASDAQ notice states Nova LifeStyle does not meet $2.5M stockholders' equity minimum required for continued listing.
Company also fails alternatives: market value of listed securities ($35M) or net income from operations ($500K) in recent fiscal years.
Company has until June 6, 2024 to submit a plan to regain compliance; NASDAQ may grant up to 180-day extension.
If compliance plan is rejected, Company can appeal to a Hearing Panel.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

XMax Inc. received a nasdaq deficiency notice notice regarding stockholders equity (rules 5550(b)(1), 5550(b)(2), 5550(b)(3)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: stockholders equity
Rules: 5550(b)(1), 5550(b)(2), 5550(b)(3)

Exact text from the filing

April 18, 2024, Nova LifeStyle, Inc. (the “Company”) received written notice from the NASDAQ Stock Market (“NASDAQ”) stating that the Company does not meet the requirement of maintaining a minimum of $2,500,000 in stockholders’ equity for continued listing on the NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(b)(1), the Company also does not meet the alternative of market value of listed securities of $35 million under NASDAQ Listing Rule 5550(b)(2) or net income from continuing operations of $500,000 in the most recently completed fiscal year or in two of the last three most

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XMax Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-015701

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