KINSTON, N.C. - flyExclusive, Inc. (NYSEAMERICAN: FLYX), a private jet charter provider, announced that it received a notice from NYSE American LLC indicating the company is not in compliance with the exchange's filing requirements. The notice, dated April 17, 2024, was issued because flyExclusive did not file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, within the prescribed timeframe.
The noncompliance notice does not immediately affect the listing of flyExclusive's common stock on the NYSE. The exchange has given the company a six-month period, until October 16, 2024, to file the overdue Form 10-K and regain compliance.
Depending on circumstances, the NYSE may extend this period by another six months. Still, the exchange reserves the right to initiate delisting proceedings at any time if it deems continued listing inappropriate.
flyExclusive previously filed a Form 12b-25 with the SEC on April 2, 2024, indicating it could not file the Form 10-K without unreasonable effort or expense. The company cites its status as a newly public entity and its transition to a taxable corporation in December 2023 as reasons for the delay, requiring additional time to complete financial reporting and closing procedures for the last quarter of 2023.
The company is working to complete the Form 10-K and expects to file it by the end of April 2024, although this is not guaranteed. flyExclusive's common stock and warrants will continue to trade on the NYSE under the symbols "FLYX" and "FLYXWS," respectively, with a "LF" indicator denoting late filing status.
flyExclusive operates a fleet of approximately 100 Cessna Citation jets, offering on-demand charter, Jet Club, and fractional ownership services. The company manages customer experiences from its headquarters in Kinston, North Carolina, including in-house aircraft maintenance and renovation services.
This announcement is based on a press release statement and contains forward-looking statements subject to risks and uncertainties, including the company's ability to file the required reports and maintain NYSE listing standards.
InvestingPro Insights
Amidst the challenges flyExclusive, Inc. (NYSEAMERICAN: FLYX) faces with maintaining compliance with the NYSE's filing requirements, investors and analysts are closely monitoring the company's financial health and stock performance.
According to InvestingPro data, flyExclusive has a market capitalization of $78.36 million, which reflects the scale of the business in the competitive private jet charter market. Yet, the company's financials show signs of strain, with a negative P/E ratio of -1.89 for the last twelve months as of Q3 2023, highlighting its lack of profitability during this period.
Furthermore, the company's stock price has experienced significant volatility, with a 1-month price total return of -48.56% as of April 2023. This steep decline is indicative of investor concerns and aligns with InvestingPro Tips that suggest the stock is in oversold territory and has fared poorly over the last month. The company's short-term obligations also exceed its liquid assets, which may raise questions about its financial agility in the near future.
For investors seeking a deeper analysis of flyExclusive's financial health and stock performance, InvestingPro offers additional tips that could provide invaluable insights. With a total of 12 InvestingPro Tips available, investors can get a comprehensive understanding of the company's debt burden, cash burn rate, and price volatility, among other critical factors. To access these insights and more, visit InvestingPro's flyExclusive page. Don't forget to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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