SKYX Platforms Corp. (SKYX) disclosed on October 1, 2026, that it lost compliance with two Nasdaq listing standards following the death of a board member. The company notified The Nasdaq Stock Market LLC on September 28, 2026, that it no longer met the requirements for a majority independent board and a three-member audit committee. This breach occurred because Efrat L. Greenstein Brayer, an independent director who served on the audit and compensation committees and chaired the nominating and corporate governance committee, passed away on September 26, 2026.
The company identified the specific rules it failed to satisfy as Nasdaq Listing Rule 5605(b)(1), which mandates that a majority of the board consist of independent directors, and Nasdaq Listing Rule 5605(c)(2)(A), which requires the audit committee to have at least three members. In a letter received on September 30, 2026, Nasdaq informed SKYX Platforms of the available cure period under Listing Rules 5605(b)(1)(A) and 5605(c)(4)(B).
The cure period allows the company time to restore compliance before any delisting action occurs. This window expires on the earlier of the company's next annual meeting of stockholders or September 26, 2027. If the next annual meeting is held before March 25, 2027, SKYX Platforms must evidence compliance no later than that date. The filing states that the company intends to take sufficient actions to regain compliance with these governance requirements on or before the expiration of the applicable cure periods.
However, the report notes that there can be no assurance SKYX Platforms will be able to regain compliance within the required timeframe. The delisting notice has no immediate effect on the company's Nasdaq listing, provided it maintains compliance with other listing rules. Leonard J. Sokolow, Chief Executive Officer of SKYX Platforms Corp., signed the Form 8-K current report on October 1, 2026.