Upexi Provides Update on Filing Form 10Q for March 31, 2024

Rhea-AI Summary

On June 21, 2024, Upexi (NASDAQ:UPXI), a diversified Amazon and Direct-to-Consumer brand owner, updated shareholders on its delayed Form 10-Q filing for the period ending March 31, 2024. The company received a notice from Nasdaq on June 17, 2024, indicating a non-compliance with listing rules due to the missing report. Upexi has 60 days to submit a compliance plan, potentially extending up to December 11, 2024. However, Upexi aims to file the Form 10-Q by June 30, 2024, avoiding the need for a compliance plan. This notice does not affect the current listing or trading of Upexi's stock.

Positive

• Upexi is working to file the Form 10-Q by June 30, 2024, which may avoid the need for a compliance plan.

Negative

• Nasdaq issued a notice of non-compliance for not filing Form 10-Q for the period ending March 31, 2024.
• Upexi has 60 days to submit a compliance plan, with a potential extension up to December 11, 2024.

TAMPA, FL / ACCESSWIRE / June 21, 2024 / Upexi, Inc. (NASDAQ:UPXI) (the "Company" or "Upexi"), a multi-faceted Amazon and Direct-to-Consumer ("DTC") brand owner and innovator in aggregation, today is providing shareholders with a update on filing its financial statements for the three and nine months ended March 31, 2024.

On June 17, 2024, the Company received a notice from Nasdaq Listing Qualifications that since the Company has not yet filed its Form 10-Q for the period ended March 31, 2024 (the "Filing"), it no longer complies with our Listing Rules (the "Rules") for continued listing. Under the Rules the Company now has 60 calendar days to submit a plan to regain compliance and if we accept your plan, we can grant an exception of up to 180 calendar days from the Filing's due date, or until December 11, 2024, to regain compliance.

Upexi management has discussed this with the Nasdaq and expects to file the form 10-Q for the period ended March 31, 2024 prior to the end of June 30, 2024 and once this is filed, a plan will not be necessary to regain compliance.

The Nasdaq Notice Letter has no immediate effect on the listing or trading of the Company's common stock.

About Upexi, Inc.:
Upexi is a multi-faceted brand owner with established brands in the health, wellness, pet, beauty, and other growing markets. We operate in emerging industries with high growth trends and look to drive organic growth of our current brands. We focus on direct to consumer and Amazon brands that are scalable and have anticipated, high industry growth trends. Our goal is to continue to accumulate consumer data and build out a significant customer database across all industries we sell into. The growth of our current database has been key to the year over year gains in sales and profits. To drive additional growth, we have and will continue to acquire profitable Amazon and eCommerce businesses that can scale quickly and reduce costs through corporate synergies.

FORWARD LOOKING STATEMENTS:
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration, and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward- looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Company Contact
Andrew Norstrud, Chief Financial Officer
Email: andrew.norstrud@upexi.com
Phone: (702) 332-5591

Investor Relations Contact
KCSA Strategic Communications
Valter Pinto, Managing Director
Email: Upexi@KCSA.com
Phone: (212) 896-1254

SOURCE: Upexi, Inc.

View the original press release on accesswire.com

FAQ

What is the latest update on Upexi's Form 10-Q filing as of June 21, 2024?

As of June 21, 2024, Upexi plans to file its Form 10-Q for the period ending March 31, 2024, by June 30, 2024.

Has Upexi received any compliance notices from Nasdaq?

Yes, on June 17, 2024, Upexi received a notice of non-compliance from Nasdaq for not filing its Form 10-Q for the period ending March 31, 2024.

What are the consequences of Upexi not filing Form 10-Q on time?

Upexi has 60 days to submit a compliance plan to Nasdaq, with a possible extension to December 11, 2024, but the notice does not affect its current listing or stock trading.

What is Upexi's timeline for filing the delayed Form 10-Q?

Upexi aims to file the delayed Form 10-Q by June 30, 2024.

Is Upexi’s stock affected by the Nasdaq non-compliance notice?

No, the Nasdaq non-compliance notice does not immediately affect the listing or trading of Upexi's common stock.