XMAX faces potential Nasdaq delisting for unapproved discounted share issuances

XMax Inc.

On Sep 10, 2026, Nasdaq notified XMAX of non-compliance with Listing Rule 5635(d) requiring shareholder approval for issuances >20% at below minimum price.
Dec 19, 2025 issuance of 1,187,500 shares at $4.21 vs NOCP $6.02 (Dec 18) and 5-day avg $5.98.
Additional discounted issuances: 8.5M shares (Mar 9), 1.958M (Mar 30), 8.55M (Apr 24, 2026) all below minimum price.
Aggregated issuances exceed 20% of outstanding shares; company has until Oct 26, 2026 to submit a compliance plan to Nasdaq.
No immediate effect on listing; XMAX continues trading on Nasdaq under symbol XMAX during the compliance period.

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