Company: XAIR
Filing Date: 2025-05-05
Form Type: DEF 14A
Source: 0001641172-25-008699
Chunk: 19

Company: Beyond Air, Inc.
Filing Date: 2025-05-05
Form: DEF 14A
Chunk 19
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 such attempts directed at us), stockholders should be aware that approval of this Proposal 1 could facilitate future efforts by us to deter or prevent changes in control, including transactions in which the stockholders might otherwise receive a premium for their shares over then current market prices.

Our failure to maintain compliance with Nasdaq’s continued listing requirements could result in the delisting of our Common Stock. Additionally, if we do not receive an affirmative vote of the majority of shares of our common stock present in person, by remote communication, if applicable, or by proxy at the Special Meeting and entitled to vote thereon, FOR the Reverse Stock Split Proposal and our Common Stock continues to trade below $1.00, we expect that we will be delisted from the Nasdaq Stock Market.

Our Common Stock is currently listed on the Nasdaq Capital Market, where it is subject to various continued listing requirements.

On August 8, 2024, we received a letter from the Staff indicating that, based upon the closing bid price of our Common Stock for the 30 consecutive business day period between June 25, 2024, through August 7, 2024, we did not meet the minimum bid price of $1.00 per share required for continued listing on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The 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).

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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