Nixxy, Inc. (NIXX): Nasdaq/NYSE listing notice — Recruiter.com gets Nasdaq delisting notice; enters GoLogiq licensing deal to cure equity shortfall

Nixxy, Inc.

Nasdaq issued delisting determination on Feb 16, 2024 for failing to meet $2.5M stockholders' equity requirement; company believes it had $2.5M on that date but Nasdaq concerned about losses.
Additional basis: no annual meeting within 12 months of fiscal year-end; hearing set for Apr 18, 2024; company plans to file proxy for director election and auditor ratification.
Entered 10-year exclusive license to GoLogiq's fintech tech (Createapp, Paylogiq, Gologiq, Radix AI), superseding prior stock purchase agreement.
RCRT to issue shares equaling 19.99% of outstanding (GOLQ owns 16.66% post-issuance) plus 8% royalty on net sales; option to buy technology for $400,000.
Company estimates license adds ~$3.5M in assets, lifting stockholders' equity substantially above Nasdaq requirement for foreseeable future.

item 1.01 item 3.01 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Nixxy, Inc. received a nasdaq delisting notice notice regarding stockholders equity (rules 5810(c)(2)(A)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: stockholders equity
Rules: 5810(c)(2)(A)

Exact text from the filing

February 16, 2024, Nasdaq issued the Company a letter of a staff determination of delisting procedure. On February 22, 2024, Nasdaq issued the Company a letter informing the company that since it did not hold an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year-end, it no longer complies with Listing Rules and that following Listing Rule 5810(c)(2)(A), Nasdaq is not permitted to consider the Company’s plan for regaining compliance, and accordingly, that this matter serves as an additional basis for delisting. The Company filed a Hearing Request with Na

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

Nixxy, Inc. received a nasdaq delisting notice notice regarding shareholders (rules 5810(c)(2)(A)).

Exchange: nasdaq
Notice: delisting notice
Deficiency: shareholders
Rules: 5810(c)(2)(A)

Exact text from the filing

February 22, 2024, Nasdaq issued the Company a letter informing the company that since it did not hold an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year-end, it no longer complies with Listing Rules and that following Listing Rule 5810(c)(2)(A), Nasdaq is not permitted to consider the Company’s plan for regaining compliance, and accordingly, that this matter serves as an additional basis for delisting. The Company filed a Hearing Request with Nasdaq to review these matters. On February 22, 2024, the Company received a response that the Hearing would

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Nixxy, Inc. entered into Technology License and Commercialization Agreement with GoLogiq, Inc. (effective 2024-02-23).

Action: entry
Agreement: license
Counterparty: GoLogiq, Inc.
Effective: 2024-02-23

Exact text from the filing

On February 23, 2024, the Company entered into a certain Technology License and Commercialization Agreement with GoLogiq, Inc. (the “GOLQ Licensing Agreement”) that supersedes and replaces in its entirety the GOLQ Agreement, as amended by the August 29 Amendment and the August 18 Amendment.

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Nixxy, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-24-002141

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