Company: XAIR
Filing Date: 2025-04-25
Form Type: PRE 14A
Source: 0001641172-25-006287
Chunk: 15

Company: Beyond Air, Inc.
Filing Date: 2025-04-25
Form: PRE 14A
Chunk 15
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 letter also indicated that we would be provided with a compliance period of 180 calendar days, or until February 4, 2025, in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A).

On February 5, 2025, the Staff notified us that it had determined that we were eligible for an additional 180 calendar day period, or until August 4, 2025, to regain compliance. The Staff’s determination was based on our meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market with the exception of the bid price requirement, and our written notice of our intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.

If at any time during this second 180-day compliance period, the closing bid price of the Common Stock is at least $1 per share for a minimum of ten consecutive business days, Nasdaq will provide written confirmation of compliance. If we choose to implement a reverse stock split, we must complete the split no later than ten business days prior to the expiration date in order to timely regain compliance. If compliance cannot be demonstrated by August 4, 2025, the Staff will provide written notification that the Common Stock will be delisted. At that time, the we may appeal the Staff’s determination to a Hearings Panel.

In the event of a delisting from the Nasdaq Capital Market, we may seek to have our Common Stock traded in the over-the-counter inter-dealer quotation system, more commonly known as the OTC. OTC transactions involve risks in addition to those associated with transactions in securities traded on the securities exchanges, such as the Nasdaq Capital Market, or, together, exchange-listed stocks. Many OTC stocks trade less frequently and in smaller volumes than exchange-listed stocks. Accordingly, our stock would be less liquid than it would be otherwise. Also, the prices of OTC stocks are often more volatile than exchange-listed stocks. Additionally, some institutional investors are prohibited from investing in OTC stocks, and it would likely be more challenging to raise capital when needed.

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In light of our financial position and our need to raise additional capital, delisting of our Common Stock from the Nasdaq Capital Market would materially limit our ability to obtain additional equity capital. We may need to seek an in-court or out-of-court restructuring of our liabilities. In the event of such restructuring activities, holders of our