XMax flags Nasdaq noncompliance over discounted share issuances exceeding 20% threshold

XMAX•2026-09-15

Nasdaq notice over discounted share issuances

Nasdaq flagged XMax for non-compliance with Listing Rule 5635(d) tied to discounted private placements exceeding the 20% issuance threshold.

The issue stems from a December 2025 issuance of 1,187,500 shares at $4.21, below the $6.02 prior-day closing price. Nasdaq also cited discounted issuances in March and April 2026; the aggregated issuance exceeded 20% without prior shareholder approval.

A compliance plan is due by Oct. 26, 2026; Nasdaq can grant up to 180 days from Sept. 10, 2026 to cure. The notice does not immediately affect Nasdaq trading; shares continue to trade under XMAX during the compliance period.

Sources

XMax flags Nasdaq noncompliance over discounted share issuances exceeding 20% threshold

Sec

XMax flags Nasdaq noncompliance over discounted share issuances exceeding 20% threshold

Nasdaq notice over discounted share issuances

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XMax flags Nasdaq noncompliance over discounted share issuances exceeding 20% threshold

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