| Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On July 2, 2024, QXO, Inc. (the "Company") received a letter from the listing qualifications staff (the "Staff") of The Nasdaq Stock Market ("Nasdaq") providing notification that the Company does not currently meet the minimum 500,000 publicly held shares requirement pursuant to Nasdaq Listing Rule 5550(a)(4) (the "Minimum Float Requirement"). As a result of the 8-for-1 reverse stock split of the Company's common stock on June 6, 2024, the aggregate number of the Company's outstanding shares of common stock was reduced from 5,315,581 shares on a pre-reverse-split basis to a total of 664,284 shares outstanding on a post-reverse split basis, with only 464,110 of such shares currently qualifying as publicly held shares for purposes of the Minimum Float Requirement.
The Company expects to regain compliance with the Minimum Float Requirement by July 19, 2024, which is the date the Company anticipates consummating its previously announced private placement, pursuant to which the Company will issue 340,932,212 shares of its common stock.
The Nasdaq notification has no immediate effect on the listing of the Company's common stock on The Nasdaq Capital Market.
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SilverSun Technologies Inc. published this content on 05 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 July 2024 20:09:03 UTC.