Upexi to File Form 10-K on November 1st and Regains Compliance with Nasdaq Minimum Bid Price Rule

Rhea-AI Summary

Upexi (NASDAQ:UPXI), a multi-faceted Amazon and Direct-to-Consumer brand owner, received a Non Compliance Letter from Nasdaq for failing to timely file its Form 10-K Annual Report for the period ended June 30, 2024. The company plans to file the report by November 1, 2024. Additionally, Upexi has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share, as confirmed by Nasdaq on October 17, 2024, after maintaining the required price from October 3 to October 16, 2024.

Positive

• Regained Nasdaq listing compliance by meeting $1.00 minimum bid price requirement
• Commitment to file Form 10-K by November 1, 2024

Negative

• Failed to timely file Form 10-K Annual Report
• Received Non Compliance Letter from Nasdaq

Insights

Financial Compliance Analyst

The delayed 10-K filing and subsequent regaining of Nasdaq compliance present a mixed situation. The delay in filing the annual report raises concerns about internal controls and transparency, though the company's assertion of circumstances beyond their control provides some context. However, the positive development of regaining compliance with the minimum bid price requirement ($1.00) removes a significant risk of delisting. This demonstrates improved market confidence in the stock, as evidenced by the sustained price recovery over the required 10-day period.

The commitment to file by November 1st provides a clear timeline for investors to expect important financial data. While the delayed filing is concerning, the resolution of the minimum bid price compliance issue significantly reduces regulatory risks. Investors should closely monitor the upcoming 10-K filing for a complete assessment of the company's financial health and performance.

TAMPA, FL / ACCESSWIRE / October 23, 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-K Annual Report for the period ended June 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-K Annual Report on or before Friday, November 1, 2024.

In addition, on October 17, 2024, the Company received written notice (the "Compliance Notice") from Nasdaq informing the Company that it has regained compliance with Nasdaq Listing Rule 5550(a)(2), which requires that companies listed on the Nasdaq Stock Market maintain a minimum bid price of $1.00 per share. Nasdaq notified the Company in the Compliance Notice that, from October 3, 2024 to October 16, 2024, the closing bid price of the Company's common stock had been $1.00 per share or greater and, accordingly, the Company had regained compliance with Nasdaq Listing Rule 5550(a)(2) and that the matter was now closed.

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

When will Upexi (UPXI) file its Form 10-K Annual Report?

Upexi plans to file its Form 10-K Annual Report on or before November 1, 2024.

Has Upexi (UPXI) regained compliance with Nasdaq's minimum bid price rule?

Yes, Upexi regained compliance with Nasdaq's minimum bid price rule on October 17, 2024, after maintaining a closing bid price of $1.00 or higher from October 3 to October 16, 2024.

Why did Upexi (UPXI) receive a Non Compliance Letter from Nasdaq?

Upexi received a Non Compliance Letter for failing to timely file its Form 10-K Annual Report for the period ended June 30, 2024, violating Nasdaq Listing Rule 5250(c)(1).