UPEXI, INC. Faces Delisting Notice

TL;DR

UPEXI got a notice about possibly getting delisted. Big trouble.

AI Summary

UPEXI, INC. filed an 8-K on April 2, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company, formerly known as GROVE, INC., is incorporated in Nevada and its principal executive offices are located in Tampa, Florida.

Why It Matters

This filing indicates potential issues with UPEXI, INC.'s compliance with stock exchange listing requirements, which could lead to its shares being removed from trading.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's continued trading and investor confidence.

Key Players & Entities

• UPEXI, INC. (company) — Registrant
• GROVE, INC. (company) — Former company name
• April 2, 2024 (date) — Date of earliest event reported
• Nevada (jurisdiction) — State of incorporation
• Tampa, FL (location) — Principal executive offices

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 UPXI NASDAQ Indicate by check mar
• $1.00 — n Stock ") had closed below the minimum $1.00 per share requirement for continued lis

Filing Documents

• upxi_8k.htm (8-K) — 25KB
• 0001477932-24-001778.txt ( ) — 151KB
• upxi-20240402.xsd (EX-101.SCH) — 6KB
• upxi-20240402_lab.xml (EX-101.LAB) — 15KB
• upxi-20240402_cal.xml (EX-101.CAL) — 1KB
• upxi-20240402_pre.xml (EX-101.PRE) — 9KB
• upxi-20240402_def.xml (EX-101.DEF) — 2KB
• upxi_8k_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 1, 2024, Upexi, Inc. (the " Company ") received a letter (the " Nasdaq Bid Price Letter ") from The Nasdaq Stock Market LLC ("Nasdaq") indicating that, for thirty consecutive business days prior to the date thereof, the bid price for the Company's common stock (the " Common Stock ") had closed below the minimum $1.00 per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the " Minimum Bid Price Requirement "). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided an initial period of 180 calendar days, or until September 30, 2024, to regain compliance (the " Compliance Period "). As of the date of this report, the Common Stock has not regained compliance with the Minimum Bid Price Requirement. In the event the Company does not regain compliance within the Compliance Period, the Company may be eligible for additional time. To qualify, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of the Company's intention to cure the deficiency during said second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company that it has been granted an additional 180 calendar days. However, if it appears to Nasdaq that the Company will not be able to cure the deficiency, or if the Company is otherwise not eligible, Nasdaq will provide notice that the Common Stock will be subject to delisting. The Nasdaq Bid Price Letter has no immediate effect on the listing or trading of the Common Stock. The Company intends to continue actively monitoring the bid price for its shares of Common

Forward-Looking Statements

Forward-Looking Statements Certain statements and information included in this current report constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this current report, the words or phrases "will", "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in the Company's Annual Report on form 10-K for the year ended June 30, 2023 and its Quarterly Reports on Form 10-Q for the periods ended September 30, 2023, and December 31, 2023, under the heading "Risk Factors" in Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this current report. 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. UPEXI, INC. Dated: April 2, 2024 /s/ Andrew J. Norstrud Name: Andrew J. Norstrud Title: Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR