FlyExclusive (FLYX) Faces Delisting from NYSE American
Ticker: FLYX-WT · Form: 8-K · Filed: May 28, 2024 · CIK: 1843973
Sentiment: bearish
Topics: delisting, listing-standards, stock-exchange
Related Tickers: FLYX
TL;DR
FLYX is getting kicked off the NYSE American, stock trading is toast.
AI Summary
FlyExclusive, Inc. (FLYX) filed an 8-K on May 28, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company's common stock was previously suspended from trading on the NYSE American exchange, and this filing confirms the ongoing delisting process.
Why It Matters
This filing indicates that FlyExclusive's common stock is no longer trading on a major exchange, which can significantly impact its liquidity, investor confidence, and ability to raise capital.
Risk Assessment
Risk Level: high — The company is undergoing a delisting process from a major stock exchange, indicating severe financial distress or non-compliance with listing requirements.
Key Players & Entities
- FlyExclusive, Inc. (company) — Registrant
- FLYX (company) — Ticker Symbol
- NYSE American (company) — Stock Exchange
- May 21, 2024 (date) — Earliest event reported
- May 28, 2024 (date) — Filing Date
FAQ
What is the primary reason for FlyExclusive's notice of delisting?
The filing indicates a notice of delisting or failure to satisfy a continued listing rule or standard, and a transfer of listing, suggesting non-compliance with NYSE American's requirements.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on May 21, 2024.
What is FlyExclusive's principal executive office address?
The address of its principal executive offices is 2860 Jetport Road, Kinston, NC 28504.
What was FlyExclusive's former company name?
FlyExclusive, Inc.'s former company name was EG Acquisition Corp.
On which stock exchange is FlyExclusive's common stock being delisted?
The filing implies a delisting from the NYSE American exchange.
Filing Stats: 858 words · 3 min read · ~3 pages · Grade level 11.5 · Accepted 2024-05-28 16:24:33
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-20240521.htm (8-K) — 34KB
- flyx-pressreleasexnysenoti.htm (EX-99.1) — 11KB
- 0001628280-24-025428.txt ( ) — 220KB
- flyx-20240521.xsd (EX-101.SCH) — 3KB
- flyx-20240521_def.xml (EX-101.DEF) — 16KB
- flyx-20240521_lab.xml (EX-101.LAB) — 29KB
- flyx-20240521_pre.xml (EX-101.PRE) — 17KB
- flyx-20240521_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 May 21, 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 failed to timely file its Annual Report on Form 10-Q for the period ended March 31, 2024 (the "Form 10-Q") 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 May 20, 2024 to regain compliance with the NYSE listing standards by filing the Form 10-Q with the SEC. If the Company fails to file the Form 10-Q 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 May 10, 2024, the Company was unable to file the Form 10-Q 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-Q but was unable to file by May 20, 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 first quarter of fiscal year 2024. The Company is working diligently to complete the nec
01 Other Events
Item 8.01 Other Events. On May 28, 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 May 28, 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: May 28, 2024 FLYEXCLUSIVE, INC. By: /s/ Thomas James Segrave, Jr. Name: Thomas James Segrave, Jr. Title: Chief Executive Officer and Chairman 4