QXO, Inc. Faces Delisting Concerns
Ticker: QXO-PB · Form: 8-K · Filed: Jul 5, 2024 · CIK: 1236275
| Field | Detail |
|---|---|
| Company | Qxo, Inc. (QXO-PB) |
| Form Type | 8-K |
| Filed Date | Jul 5, 2024 |
| Risk Level | high |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.00001 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, compliance
Related Tickers: QXO
TL;DR
QXO might get kicked off Nasdaq - stock could be in trouble.
AI Summary
QXO, Inc. filed an 8-K on July 5, 2024, to report a notice of delisting or failure to satisfy a continued listing rule or standard. The company's common stock was previously listed on the Nasdaq Capital Market under the ticker symbol 'QXO'. This filing indicates a potential issue with maintaining its listing on the exchange.
Why It Matters
This filing signals potential instability for QXO, Inc.'s stock, which could impact investor confidence and market liquidity.
Risk Assessment
Risk Level: high — A notice of delisting directly threatens the company's ability to trade on a major exchange, creating significant uncertainty.
Key Players & Entities
- QXO, Inc. (company) — Registrant
- Nasdaq Capital Market (company) — Exchange where stock was listed
- QXO (dollar_amount) — Ticker symbol
FAQ
What specific rule or standard has QXO, Inc. failed to satisfy for continued listing on the Nasdaq Capital Market?
The filing does not specify the exact rule or standard that QXO, Inc. has failed to satisfy, only that a notice of delisting or failure to satisfy a continued listing rule or standard has been issued.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on July 2, 2024.
What was QXO, Inc.'s former company name?
QXO, Inc. has had several former names, including SilverSun Technologies, Inc., TREY RESOURCES INC, and TREY INDUSTRIES INC.
What is the principal executive office address for QXO, Inc.?
The principal executive office address for QXO, Inc. is Five American Lane, Greenwich, Connecticut 06831.
What is the SIC code for QXO, Inc.?
The Standard Industrial Classification (SIC) code for QXO, Inc. is 7374, which falls under SERVICES-COMPUTER PROCESSING & DATA PREPARATION.
Filing Stats: 542 words · 2 min read · ~2 pages · Grade level 13.8 · Accepted 2024-07-05 16:05:35
Key Financial Figures
- $0.00001 — ch registered Common stock, par value $0.00001 per share QXO The Nasdaq Capital Ma
Filing Documents
- eh240504473_8k.htm (8-K) — 21KB
- 0000950142-24-001856.txt ( ) — 188KB
- qxo-20240702.xsd (EX-101.SCH) — 3KB
- qxo-20240702_lab.xml (EX-101.LAB) — 33KB
- qxo-20240702_pre.xml (EX-101.PRE) — 22KB
- eh240504473_8k_htm.xml (XML) — 3KB
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 July 2, 2024, QXO, Inc. (the "Company") received a letter from the listing qualifications staff (the "Staff") of The Nasdaq Stock Market ("Nasdaq") providing notification that the Company does not currently meet the minimum 500,000 publicly held shares requirement pursuant to Nasdaq Listing Rule 5550(a)(4) (the "Minimum Float Requirement"). As a result of the 8-for-1 reverse stock split of the Company's common stock on June 6, 2024, the aggregate number of the Company's outstanding shares of common stock was reduced from 5,315,581 shares on a pre-reverse-split basis to a total of 664,284 shares outstanding on a post-reverse split basis, with only 464,110 of such shares currently qualifying as publicly held shares for purposes of the Minimum Float Requirement. The Company expects to regain compliance with the Minimum Float Requirement by July 19, 2024, which is the date the Company anticipates consummating its previously announced private placement, pursuant to which the Company will issue 340,932,212 shares of its common stock. The Nasdaq notification has no immediate effect on the listing of the Company's common stock on The Nasdaq Capital Market. 2
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. Date: July 5, 2024 QXO, INC. By: /s/ Christopher Signorello Name: Christopher Signorello Title: Chief Legal Officer 3