KINSTON, N.C. - flyExclusive, Inc. (NYSEAMERICAN: FLYX), a private jet charter provider, has been notified by NYSE American LLC that it is not currently meeting listing standards due to a delay in filing its quarterly financial report. The company, which operates a fleet of Cessna Citation jets, was unable to submit its Form 10-Q for the quarter ended March 31, 2024, within the prescribed timeframe.
The NYSE American, also known as the NYSE, issued the notice on May 21, 2024, after flyExclusive missed the deadline to file the required document with the Securities and Exchange Commission (SEC). While this notice does not immediately affect the trading of the company's common stock, flyExclusive has been given six months, until November 20, 2024, to file the report and regain compliance. Depending on the circumstances, the exchange may extend this period by another six months before considering the initiation of delisting procedures.
flyExclusive attributed the filing delay to the significant resources required to complete the financial reporting and close procedures for the first quarter of the fiscal year 2024. The company, which recently transitioned to a taxable corporation in December 2023, had already filed a Form 12b-25 on May 10, 2024, indicating it could not meet the original deadline without undue effort or expense.
The company has stated its commitment to completing the necessary work to file the Form 10-Q as soon as possible and intends to comply with the exchange's continued listing standards within the coming weeks. However, flyExclusive has cautioned that there is no guarantee regarding the timing or the successful compliance with the listing standards.
InvestingPro Insights
Amidst the recent notification to flyExclusive (NYSEAMERICAN: FLYX) regarding its non-compliance with NYSE American's listing standards, InvestingPro data provides a deeper look into the company's financial health and market performance. As of the last twelve months ending Q4 2023, flyExclusive's market capitalization stands at $436.58 million, reflecting the company's size and investor valuation in the market. However, the company's P/E ratio is negative, sitting at -6.41, indicating that it is not currently profitable.
The company's revenue for the same period was $315.36 million, which shows a decline of 1.46% from the previous year. This contraction is consistent with the company's recent operational challenges and the delay in filing its quarterly financial report. Furthermore, the Price / Book ratio is high at 9.4, suggesting that the market values the company's assets quite optimistically compared to its book value.
Looking at InvestingPro Tips, analysts expect net income growth for flyExclusive this year, which could signal a potential turnaround from its current unprofitable status. Additionally, sales growth is anticipated in the current year, which may help the company in meeting its financial obligations and improving its market position. Nevertheless, it is crucial to note that flyExclusive is quickly burning through cash, and its short-term obligations exceed its liquid assets, which could raise concerns about its financial stability. For investors seeking more comprehensive analysis, there are 15 additional InvestingPro Tips available at: https://www.investing.com/pro/FLYX. To access these insights, use coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription.
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