Upexi Recieves Notice from The Nasdaq Stock Market

Rhea-AI Summary

Upexi (NASDAQ:UPXI) has received a Non Compliance Letter from Nasdaq due to failing to timely file its Form 10-Q Quarterly Report for the period ended September 30, 2024. The company states the delay was due to circumstances beyond its control and plans to file the 10-Q after completing its Form 10-K Annual Report. Upexi has until December 20, 2024, to submit a compliance plan to Nasdaq, which could grant an extension until April 14, 2025. The notice does not immediately affect the stock's listing or trading status.

Positive

• No immediate impact on stock listing or trading status
• Potential extension period available until April 2025 to regain compliance

Negative

• Failed to file mandatory Form 10-Q Quarterly Report on time
• Received Non Compliance Notice from Nasdaq
• Delay in filing Form 10-K Annual Report
• Risk of delisting if compliance plan is not accepted or executed

Insights

Financial Compliance Analyst

The delayed filing of both Form 10-K and 10-Q represents a significant compliance issue that raises red flags about UPXI's financial reporting capabilities. With a micro-cap valuation of just $5.2M, this type of regulatory non-compliance is particularly concerning. The company has until December 20, 2024 to submit a remediation plan, with a possible extension until April 14, 2025 to regain compliance.

While trading continues uninterrupted for now, historical patterns show that prolonged filing delays often lead to increased scrutiny from investors and potential delisting risks. The lack of transparency regarding the specific reasons for the delay beyond "circumstances beyond control" adds another layer of uncertainty. The company's ability to maintain its Nasdaq listing will depend heavily on the credibility of their compliance plan and swift resolution of the filing delays.

TAMPA, FL / ACCESSWIRE / November 22, 2024 / Upexi, Inc. (NASDAQ:UPXI) (the "Company" or "Upexi"), a multi-faceted Amazon and Direct-to-Consumer ("DTC") brand owner and innovator in aggregation, received a Non Compliance Letter from The Nasdaq Stock Market LLC ("Nasdaq") due to the Company's failure to timely file its Form 10-Q Quarterly Report for the period ended September 30, 2024, in violation of Nasdaq Listing Rule 5250(c)(1).

The Company failed to timely file due to circumstances beyond its control, and intends to file its Form 10-Q Quarterly Report shortly after it is able to file its Form 10-K Annual Report.

Pursuant to the Nasdaq Listing Rules, the Company has until December 20, 2024 to submit a plan to regain compliance. If the plan is accepted, an extension may be granted of up to 180 calendar days from the due date of the Initial Delinquent Filing, or April 14, 2025, to regain compliance. The Notice 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

View the original press release on accesswire.com

FAQ

Why did Upexi (UPXI) receive a Nasdaq Non Compliance Notice in November 2024?

Upexi received the notice for failing to timely file its Form 10-Q Quarterly Report for the period ended September 30, 2024, violating Nasdaq Listing Rule 5250(c)(1).

What is the deadline for Upexi (UPXI) to submit its compliance plan to Nasdaq?

Upexi has until December 20, 2024, to submit a plan to regain compliance with Nasdaq listing requirements.

How long of an extension could Upexi (UPXI) receive to regain compliance?

If Nasdaq accepts Upexi's compliance plan, the company could receive an extension of up to 180 calendar days, until April 14, 2025, to regain compliance.