GAXOS.AI (NFTG) to be Delisted from Nasdaq Jan 18

TL;DR

**GAXOS.AI (NFTG) is getting kicked off Nasdaq on Jan 18 due to low stock price.**

AI Summary

GAXOS.AI INC. (formerly NFT Gaming Co Inc.) announced on January 9, 2024, that The Nasdaq Stock Market LLC will delist its Common Stock, trading under the symbol NFTG, effective at the open of business on January 18, 2024. This delisting is due to the company's failure to meet Nasdaq's continued listing requirements, specifically the minimum bid price rule. This matters to investors because their shares will no longer trade on a major exchange, likely reducing liquidity and potentially further depressing the stock price.

Why It Matters

Delisting from Nasdaq means GAXOS.AI's stock will move to over-the-counter (OTC) markets, which typically have lower liquidity and transparency, making it harder for investors to buy or sell shares.

Risk Assessment

Risk Level: high — Delisting from a major exchange like Nasdaq significantly increases investment risk due to reduced liquidity and potential for further price declines.

Analyst Insight

A smart investor would consider selling any existing shares of GAXOS.AI INC. (NFTG) before the January 18, 2024 delisting to avoid potential further illiquidity and price depreciation on OTC markets.

Key Players & Entities

• GAXOS.AI INC. (company) — registrant being delisted
• The Nasdaq Stock Market LLC (company) — exchange delisting the stock
• NFTG (company) — trading symbol for GAXOS.AI INC. Common Stock
• January 9, 2024 (date) — date of earliest event reported
• January 18, 2024 (date) — effective date of delisting
• NFT Gaming Co Inc. (company) — former name of GAXOS.AI INC.
• $0.0001 (dollar_amount) — par value of Common Stock

Forward-Looking Statements

• GAXOS.AI's stock liquidity will significantly decrease after delisting. (GAXOS.AI INC.) — high confidence, target: January 18, 2024
• The stock price of GAXOS.AI will likely experience further downward pressure. (GAXOS.AI INC.) — high confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 NFTG The Nasdaq Stock Market LLC
• $1.00 — ness days, had closed below the minimum $1.00 per share and, as a result, the Company
• $1.00 m — e Company is not in compliance with the $1.00 minimum bid price requirement for the con

Filing Documents

• ea191483-8k_gaxosaiinc.htm (8-K) — 26KB
• 0001213900-24-002750.txt ( ) — 198KB
• nftg-20240109.xsd (EX-101.SCH) — 3KB
• nftg-20240109_lab.xml (EX-101.LAB) — 33KB
• nftg-20240109_pre.xml (EX-101.PRE) — 22KB
• ea191483-8k_gaxosaiinc_htm.xml (XML) — 3KB

01 Notice of Delisting or Failure to

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously reported, On July 10, 2023, Gaxos.ai Inc. (formerly, The NFT Gaming Company, Inc.) (the "Company") received written notice (the "Notice") from the , the Nasdaq Listing Qualifications Staff (the "Staff") of the Nasdaq Stock Market, LLC ("Nasdaq") indicating that the bid price for the Company's common stock (the "Common Stock"), for the last 30 consecutive business days, had closed below the minimum $1.00 per share and, as a result, the Company is not in compliance with the $1.00 minimum bid price requirement for the continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2). The Company was provided an initial period of 180 calendar days, or until January 8, 2024 to regain compliance. On January 9, 2024, the Staff notified the Company that it has not regained compliance with Listing Rule 5550(a)(2) and is not eligible for a second 180 day period because the Company does not comply with the minimum stockholders' equity initial listing requirement for The Nasdaq Capital Market (the "Delisting Determination"). Further, unless the Company requests an appeal of the Delisting Determination to a Hearings Panel (the "Panel"), the Company's securities will be scheduled for delisting from the Nasdaq Capital Market and will be suspended at the opening of business on January 18, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the "SEC"), which will remove the Company's securities from listing and registration on the Nasdaq Stock Market. The Company intends to submit a hearing request prior to this date which will stay the suspension of the Company's securities and the filing of the Form 25-NSE pending the Panel's decision. The Company intends to submit a plan to the Panel that includes a discussion of the events that it believes will enable it to regain compliance in this time frame

SIGNATURES

SIGNATURES 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. GAXOS.AI INC. January 10, 2024 By: / s/ Vadim Mats Name: Vadim Mats Title: Chief Executive Officer -2-

View Full Filing

View this 8-K filing on SEC EDGAR