secwatch.observer — SEC 8-K summary
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Issuer:     XMax Inc. (XWIN)
CIK:        0001473334
Form:       8-K
Filed at:   2026-09-15T20:45:35+00:00
Accession:  0001493152-26-042760
Event type: regulatory
Sentiment:  negative
Materiality: 0.70
Item codes: 3.01
LLM model:  deepseek-v4-flash:cloud@v2

XMAX faces potential Nasdaq delisting for unapproved discounted share issuances
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1473334/000149315226042760/0001493152-26-042760-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1473334/000149315226042760/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-26-042760

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