{"schema_version":"secwatch.filing_event.v1","accession":"0001493152-26-042760","form_type":"8-K","ticker":"XWIN","cik":"0001473334","company_name":"XMax Inc.","filed_at":"2026-09-15T20:45:35+00:00","discovered_at":"2026-09-15T20:46:31.498617+00:00","generated_at":"2026-09-15T20:46:41.596873+00:00","sec_items":["3.01"],"event_type":"regulatory","sentiment":"negative","materiality_score":0.7,"calibrated_materiality_score":0.7,"confidence":"high","headline":"XMAX faces potential Nasdaq delisting for unapproved discounted share issuances","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001493152-26-042760","json":"https://secwatch.observer/filing/0001493152-26-042760.json","markdown":"https://secwatch.observer/filing/0001493152-26-042760.md","text":"https://secwatch.observer/filing/0001493152-26-042760.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1473334/000149315226042760/0001493152-26-042760-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1473334/000149315226042760/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-09-15T20:46:41.596873+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}