flyExclusive Faces NYSE Delisting Threat
Ticker: FLYX-WT · Form: 8-K · Filed: Apr 22, 2024 · CIK: 1843973
Sentiment: bearish
Topics: delisting, listing-standards, compliance
Related Tickers: FLYX
TL;DR
NYSE threatening to delist FLYX stock, company has 18 months to fix it.
AI Summary
On April 17, 2024, flyExclusive, Inc. received a notice from the NYSE American LLC indicating that the company is not in compliance with continued listing standards. The company has 18 months to regain compliance, with a potential extension to 36 months if it meets certain conditions. Failure to comply could lead to the delisting of its common stock.
Why It Matters
This filing signals potential financial distress or operational challenges for flyExclusive, Inc., which could impact investor confidence and the stock's liquidity.
Risk Assessment
Risk Level: high — The company is at risk of being delisted from the NYSE, which is a significant negative event.
Key Numbers
- 18 months — Initial Compliance Period (Timeframe to meet NYSE listing standards.)
- 36 months — Potential Extended Compliance Period (Maximum time to meet NYSE listing standards under certain conditions.)
Key Players & Entities
- flyExclusive, Inc. (company) — Registrant
- NYSE American LLC (company) — Listing Exchange
- April 17, 2024 (date) — Date of Notice
- 18 months (duration) — Compliance Period
- 36 months (duration) — Potential Extended Compliance Period
FAQ
What specific continued listing standards has flyExclusive, Inc. failed to meet?
The filing states that flyExclusive, Inc. received a notice from NYSE American LLC regarding non-compliance with continued listing standards, but it does not specify which particular standards were violated.
What is the primary reason for the potential delisting?
The filing indicates that flyExclusive, Inc. is not in compliance with the continued listing standards of the NYSE American LLC, which could lead to delisting.
What is the timeframe given to flyExclusive, Inc. to regain compliance?
flyExclusive, Inc. has been given 18 months from the date of the notice to regain compliance with the NYSE American LLC's continued listing standards.
Are there any conditions under which the compliance period could be extended?
Yes, the filing mentions that the compliance period could be extended up to 36 months if the company meets certain conditions, though these conditions are not detailed in this specific report.
What is the consequence of failing to regain compliance?
If flyExclusive, Inc. fails to regain compliance with the continued listing standards within the specified timeframe, its common stock may be delisted from the NYSE American LLC.
Filing Stats: 877 words · 4 min read · ~3 pages · Grade level 11.6 · Accepted 2024-04-22 08:48:55
Key Financial Figures
- $11.50 — A Common Stock at an exercise price of $11.50 per share FLYX WS NYSE American LLC
Filing Documents
- flyx-20240417.htm (8-K) — 34KB
- flyx-pressreleasexnysenoti.htm (EX-99.1) — 11KB
- 0001628280-24-017024.txt ( ) — 221KB
- flyx-20240417.xsd (EX-101.SCH) — 3KB
- flyx-20240417_def.xml (EX-101.DEF) — 16KB
- flyx-20240417_lab.xml (EX-101.LAB) — 29KB
- flyx-20240417_pre.xml (EX-101.PRE) — 17KB
- flyx-20240417_htm.xml (XML) — 4KB
01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard Transfer of Listing. On April 17, 2024, flyExclusive, Inc. (the "Company") received notice (the "Notice") from NYSE American LLC ("NYSE") stating that the Company is not in compliance with Section 1007 of the NYSE American Company Guide because the Company did not timely file its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K") with the Securities and Exchange Commission (the "SEC"). The Notice has no immediate effect on the listing of the Company's common stock on the NYSE. The Notice informed the Company that, pursuant to NYSE rules, the Company has six months from April 16, 2024 to regain compliance with the NYSE listing standards by filing the Form 10-K with the SEC. If the Company fails to file the Form 10-K within the six-month period, the NYSE may grant, in its sole discretion, an extension of up to six additional months for the Company to regain compliance, depending on the specific circumstances. The Notice also notes that the NYSE may nevertheless commence delisting proceedings at any time if it believes, in its sole discretion, that continued listing and trading of the Company's securities on NYSE is inadvisable or unwarranted. As previously reported by the Company in the Form 12b-25 filed with the SEC on April 2, 2024, the Company was unable to file the Form 10-K within the prescribed time period without unreasonable effort or expense. Subsequent to filing the Form 12b-25, the Company continued to dedicate significant resources to the completion of the Form 10-K but was unable to file by April 16, 2024, the end of the extension period provided by the Form 12b-25. As a newly public company and having become a taxable corporation in December 2023, the Company requires additional time to complete the financial reporting and close procedures for the fourth quarter of fiscal year 2023. The Company is working diligently to complete
01 Other Events
Item 8.01 Other Events. On April 22, 2024, the Company issued a press release announcing the receipt of the Notice. A copy of the press release is included herewith as Exhibit 99.1. 2
01. Financial Statement and Exhibits
Item 9.01. Financial Statement and Exhibits. (d) Exhibits. Exhibit No. Document 99.1 Press Release, dated April 22 , 2024 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: April 22, 2024 FLYEXCLUSIVE, INC. By: /s/ Thomas James Segrave, Jr. Name: Thomas James Segrave, Jr. Title: Chief Executive Officer and Chairman 4