---
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"
generated_at: "2026-09-15T20:46:41.596873+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# XMAX faces potential Nasdaq delisting for unapproved discounted share issuances

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 3.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-26-042760
- JSON: https://secwatch.observer/filing/0001493152-26-042760.json
- Plain text: https://secwatch.observer/filing/0001493152-26-042760.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.