XWELL, Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
XWEL$0.59+2.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001558370-25-011581
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001104659-25-112636
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 85 previous paragraphs and 91 current paragraphs.
57 unchanged; 17 reworded; 16 added; 7 removed; 4 previous and 1 current paragraphs rearranged.
Tables are not compared: 17 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Exchange Agreement
Current report
On November 3, 2025, we entered into a Securities Exchange and Amendment Agreement (the “Exchange Agreement”) with certain accredited investors (the “Investors”), pursuant to which we agreed to exchange a portion of our outstanding Series G Convertible Preferred Stock (the “Series G Preferred Stock”), including accrued and unpaid dividends thereon, with an aggregate stated value of approximately $1.6 million, for senior secured convertible notes (the “Notes”) in an aggregate principal amount of approximately $3.4 million. The Notes are secured by first-priority liens on substantially all of our and our subsidiaries’ assets, bear interest at 8.0% per annum, compounded quarterly, mature approximately three years and four months after issuance, and are convertible into shares of common stock (the “Exchange”). See “Going Concern and Liquidity – Senior Secured Convertible Notes.”
Current report
In connection with the Exchange, we also filed a Certificate of Amendment (the “Certificate of Amendment”) to the Certificate of Designations for the Series G Convertible Preferred Stock (the “Certificate of Designations”). The Certificate of Amendment amends the Certificate of Designations to (i) reduce the conversion price of the Series G Preferred Stock (the “Series G Conversion Price”) to $1.00, (ii) remove the restrictive covenant requiring us to maintain unencumbered, unrestricted cash and cash equivalents on hand in an amount equal to at least 200% of the shares of common stock issuable upon conversion of the outstanding shares of Series G Preferred Stock, (iii) amend the definition of “Make-Whole Amount,” such that it now means an amount equal to the amount of additional dividends that would accrue at the dividend rate then in effect assuming for calculation purposes that the Stated Value as of the Closing Date remained outstanding through and including the Maturity Date (as defined in the Certificate of Designations), (iv) add certain anti-dilution provisions such that the Series G Conversion Price will be subject to price-based adjustment in the event of any issuances of common stock, or securities convertible, exercisable or exchangeable for common stock, at a price below the then-applicable Series G Conversion Price (subject to certain exceptions), (v) add certain provisions such that the Company and the holder of the shares of Series G Preferred Stock may agree to accelerate the conversion of such shares (including any Deferral Amounts (as defined in the Certificate of Designations)) at a conversion price equal to the lower of (i) the Installment Conversion Price (as defined in the Certificate of Designations) applicable to the current Installment Date and (ii) the greater of the Floor Price and (x) 80% of the dollar volume-weighted average price (“VWAP”) of the Common Stock immediately prior to such acceleration, and (y) the average three daily VWAP during the thirty consecutive trading day immediately prior to such acceleration. The closing of the Exchange occurred on November 5, 2025. Additionally, in connection with the Exchange, the Company and the Investors agreed to amend and restate the Warrants to (i) reduce the exercise price of the Warrants to $1.00, and (ii) add certain anti-dilution provisions such that the exercise price of the Warrants will be subject to price-based adjustment in the event of any issuances of common stock, or securities convertible, exercisable or exchangeable for common stock, at a price below the then-applicable exercise price.
Current report
Impairment/loss on disposal of assets
Current report
The increase in impairment of long-lived assets of approximately $122 for the three months ended September 30, 2025, was primarily due to the impairment of long-lived assets that occurred in the three months ended September 30, 2025. The increase in impairment of operating lease right-of-use assets of approximately $359 for the three months ended September 30, 2025 was primarily due to the impairment of a remaining lease for XWELL Studios that occurred in the three months ended September 30, 2025. The decrease in loss on disposal of assets of approximately $145 was primarily due to abandoned projects that occurred in the three months ended September 30, 2024.
Current report
The increase of $390 was primarily driven by the recognition of $473 in interest income associated with the employee retention credit. This was partially offset by lower interest earned on cash balances during the period.
Current report
Nine months ended September 30, 2025, compared to the nine months ended September 30, 2024
Current report
Impairment/loss on disposal of assets
Current report
The decrease in impairment of long-lived assets of approximately $530 for the nine months ended September 30, 2025, was primarily due to the impairment of long-lived assets that occurred in the nine months ended September 30, 2024. The increase in impairment of operating lease right-of-use assets of approximately $359 for the nine months ended September 30, 2025 was primarily due to the impairment of a remaining lease for XWELL Studios that occurred in the nine months ended September 30, 2025. The decrease in loss on disposal of assets of approximately $164 was primarily due to abandoned projects that occurred in the nine months ended September 30, 2024.
Current report
Senior Secured Convertible Notes
Current report
In connection with the Exchange, on November 5, 2025, we issued the Notes to the Invesotrs.. The Notes will mature on the date that is three years and four months from the date of issuance, which may be extended as set forth in the Notes. The Notes bear an interest rate of 8.0% per annum compounded each quarter, which are payable in arrears (i) on the first trading day of each quarter beginning February 2, 2026, in cash, (ii) on each Interest Date occurring on an Installment Date (as defined in the Notes), payable by way of inclusion of the interest in the applicable Installment Amount (as defined
Current report
in the Notes), (iii) prior to the First Installment Date (as defined herein), payable by way of inclusion of interest in the Conversion Amount (as defined in the Notes) on each conversion date occurring prior to the First Installment Date, or (iv) upon any redemption or any required payment upon any Event of Default (as defined in the Notes). Upon the occurrence and during the continuance of an Event of Default, the Notes accrue interest at the rate of 15% per annum.
Current report
The Notes are convertible into shares of Common Stock at the election of the holder at any time at an initial conversion price of $1.00 per share (the “Note Conversion Price”). The Note Conversion Price will be subject to customary adjustments for stock dividends, stock splits, reclassifications, stock combinations and the like (subject to certain exceptions). Additionally, the Note Conversion Price will be subject to price-based adjustment in the event of any issuances of Common Stock, or securities convertible, exercisable or exchangeable for Common Stock, at a price below the then-applicable Note Conversion Price (subject to certain exceptions).
Current report
The Company is required to redeem the outstanding principal amount of the Notes in quarterly installments beginning on April 1, 2026 (the “First Installment Date”) in accordance with the schedule set forth in the Note. The Installment Amounts (as defined in the Notes) are redeemable, at the Company’s election, in cash at 107% of the applicable Installment Redemption Amount, or subject to certain limitations, in shares of Common Stock valued at the lower of (i) the Note Conversion Price then in effect and (ii) the greater of (A) 80% of the average of the three lowest closing prices of the Company’s Common Stock during the thirty consecutive trading day period ending and including the trading day immediately prior to the date the amortization payment is due or (B) the Floor Price (as defined in the Notes), and in each case subject to adjustment for stock splits, stock dividends, stock combinations, recapitalizations or other similar events.
Current report
Upon any conversion or redemption of the Notes, the holders of the Notes are also entitled to receive interest make-whole payments, equal to an amount of additional interest that would accrue under Notes at the interest rate then in effect assuming that for calculation purposes, the outstanding principal balance remained outstanding through and including the Notes Maturity Date.
Current report
The Notes include certain events of defaults, including, among other things, the suspension from trading or the failure of the Company’s common stock to be trading or listed (as applicable) on an eligible market for a period of five (5) consecutive trading days and the Company’s failure to pay any amounts due to the holders of the Notes when due. The Notes contain certain restrictive covenants, including, among other things, requiring the Company to (A) maintain unencumbered, unrestricted cash and cash equivalents on hand in amount equal to at least $1,000,000, and (B) deposit an amount equal to $1,350,000 into a newly established segregated deposit account, which may be reduced proportionally on a dollar-for-dollar basis as (i) the outstanding principal of the applicable Note is redeemed, converted or otherwise repaid in accordance with such Note, or (ii) the outstanding shares of Series G Preferred Stock are redeemed, converted or otherwise repaid in accordance with the Certificate of Designations.
Removed paragraphs (7)
Previous report
Nasdaq Minimum Bid Price Requirement
Previous report
January 2025 Private Placement of Preferred Shares and Warrants
Previous report
On January 14, 2025, we entered into a securities purchase agreement (the “January 2025 Purchase Agreement”) with certain accredited investors thereto, pursuant to which it agreed to sell to such investors (i) an aggregate of 4,000 shares of our newly-designated Series G Convertible Preferred Stock, par value of $0.01 per share and a stated value of $1,000 per share (the “Series G Preferred Stock”),, initially convertible into up to 2,673,797 shares of our common stock at a conversion price of $1.496 per share, (ii) Series A Warrants to acquire up to an aggregate of 2,673,797 shares of common stock at an exercise price of $1.496 per share (the “Series A Warrants”), and (iii) Series B Warrants to acquire up to an aggregate of 2,673,797 shares of common stock at an exercise price of $1.7952 per share (the “Series B Warrants”), each for a term of five years following the date of issuance (the “January 2025 Private Placement”). In connection with the January 2025 Private Placement, we also entered into that certain registration rights agreement, dated as of January 14, 2025, with the investors in the January 2025 Private Placement. The January 2025 Private Placement closed on January 14, 2025.
Previous report
In connection with the private placement consummated on January 14, 2025, we and the investors entered into a Registration Rights Agreement (the “Registration Rights Agreement”), pursuant to which the Company is required to file a resale registration statement (the “Registration Statement”) with the SEC and to have such Registration Statement declared effective by the Effectiveness Deadline (as defined in the Registration Rights Agreement). The Registration Statement was filed on February 7, 2025. Following a series of waivers and amendments to the Registration Rights Agreement to extend the effectiveness date of the Registration Statement by and between the Company and the investors, the Registration Statement was declared effective on June 30, 2025.
Previous report
Six months ended June 30, 2025, compared to the six months ended June 30, 2024
Previous report
Impairment of long-lived assets
Previous report
The decrease of approximately $652 for the six months ended June 30, 2025, was primarily due to the impairment of long-lived assets that occurred in the six months ended June 30, 2024. There was no similar impairment taken as of June 30, 2025.
Reworded paragraphs (17)
Previous wording
The decrease in revenue of $1,593 or 17%, was primarily due to the three months ended June 30, 2024 having additional CDC revenue for XpresTest and additional XpresSpa revenue driven by Priority Pass revenue, which was a new revenue stream, for the three months ended June 30, 2024 as compared to three months ended June 30, 2025. For XpresSpa, specifically, the additional revenue generated in 2024 was from providing more services to airports above the base contract amounts, which resulted in increased surge billing prices.
Current wording
The decrease in revenue of $1,077 or 13%, was primarily due to the three months ended September 30, 2024 having additional CDC revenue for XpresTest for the three months ended September 30, 2024 as compared to three months ended September 30, 2025, which did not have such additional CDC revenues for XpresTest. For XpresSpa, specifically, the additional revenue generated in 2024 was from providing more services to airports above the base contract amounts, which resulted in increased surge billing prices.
Previous wording
The decrease in cost of sales of $289 or 5%, for the three months ended June 30, 2025, was primarily driven by decrease in product costs, as the agreement for clockwork manicure machines was no longer active, and decrease in labor due to store closures in XpresSpa and less surge billing for CDC testing, for the three months ended June 30, 2025 as compared to three months ended June 30, 2024. The increase in total cost of sales as a percentage of revenue for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 was driven by higher cost of supplies purchased for current and anticipated store openings in 2025.
Current wording
The decrease in cost of sales of $517 or 8%, for the three months ended September 30, 2025, was primarily driven by decrease in product costs, as the agreement for clockwork manicure machines was no longer active, and decrease in labor due to store closures in XpresSpa and less surge billing for CDC testing, for the three months ended September 30, 2025 as compared to three months ended September 30, 2024. The increase in total cost of sales as a percentage of revenue for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 was driven by higher cost of supplies purchased for current and anticipated store openings in 2025.
Previous wording
The decrease in depreciation and amortization of approximately $41 or 18% for the three months ended June 30, 2025 was primarily due to fewer long-lived assets available for depreciation and amortization in the three months ended June 30, 2025 as compared to the three months ended June 30, 2024 due the impairment of long-lived assets which occurred at the end of fiscal year 2024.
Current wording
The decrease in depreciation and amortization of approximately $31 or 12% for the three months ended September 30, 2025 was primarily due to fewer long-lived assets available for depreciation and amortization in the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 due the impairment of long-lived assets which occurred at the end of fiscal year 2024.
Previous wording
The decrease of approximately 9% was primarily due to the decrease in accounting, legal and public company costs for the three months ended June 30, 2025 as compared to three months ended June 30, 2024.
Current wording
The decrease of approximately 76% was primarily due to the decrease in accounting, legal and public company costs and the Company’s recognition of a $2,338 employee retention credit reduced in general and administrative expenses, for the three months ended September 30, 2025 as compared to three months ended September 30, 2024.
Previous wording
The increase in foreign exchange loss of $568 was primarily due to the fluctuation of the foreign exchange rate in Turkey, creating a remeasurement loss on our lease liability. The increase in other non-operating expense of $38, net was primarily driven by a decrease in finance expenses related to bank fees and charges.
Current wording
The increase in foreign exchange loss of $60 was primarily due to the fluctuation of the foreign exchange rate in Turkey, creating a remeasurement loss on our lease liability. The decrease in other non-operating expense of $9, net was primarily driven by a decrease in finance expenses related to bank fees and charges.
Previous wording
The change in fair value of warrants and derivatives is due to a decrease in the Company’s stock price after entering into the Purchase Agreement.
Current wording
The change in fair value of derivatives is due to a decrease in the Company’s stock price after entering into the Securities Purchase Agreement, dated as of January 14, 2025, by and between the Company and the investors named therein (the “January 2025 Purchase Agreement”).
Previous wording
The decrease in revenue of $3,296 or 18%, for the six months ended June 30, 2025, was primarily due to the six months ended June 30, 2024 having additional CDC revenue for XpresTest and additional XpresSpa revenue driven by Priority Pass revenue, which was a new revenue stream, for the six months ended June 30, 2024 as compared to six months ended June 30, 2025. For XpresSpa, specifically, the additional revenue generated in 2024 was from providing more services to airports above the base contract amounts, which resulted in increased surge billing prices.
Current wording
The decrease in revenue of $4,374 or 17%, for the nine months ended September 30, 2025, was primarily due to the nine months ended September 30, 2024 having additional CDC revenue for XpresTest and additional XpresSpa revenue driven by Priority Pass revenue, which was a new revenue stream, for the nine months ended September 30, 2024 as compared to nine months ended September 30, 2025. For XpresSpa, specifically, the additional revenue generated in 2024 was from providing more services to airports above the base contract amounts, which resulted in increased surge billing prices.
Previous wording
The decrease in cost of sales of $646 or 5%, for the six months ended June 30, 2025, was primarily driven by decrease in product costs, as the agreement for clockwork manicure machines was no longer active, and decrease in labor due to store closures in XpresSpa and less surge billing for CDC testing, for the six months ended June 30, 2025 as compared to six months ended June 30, 2024. The increase in total cost of sales as a percentage of revenue for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 was driven by higher cost of supplies purchased for current and anticipated store openings in 2025.
Current wording
The decrease in cost of sales of $1,163 or 6%, for the nine months ended September 30, 2025, was primarily driven by decrease in product costs, as the agreement for clockwork manicure machines was no longer active, and decrease in labor due to store closures in XpresSpa and less surge billing for CDC testing, for the nine months ended September 30, 2025 as compared to nine months ended September 30, 2024. The increase in total cost of sales as a percentage of revenue for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 was driven by higher cost of supplies purchased for current and anticipated store openings in 2025.
Previous wording
The decrease in depreciation and amortization of approximately $100 or 22% for the six months ended June 30, 2025, was primarily due to fewer long-lived assets available for depreciation and amortization in the six months ended June 30, 2025 as compared to the six months ended June 30, 2024 due the impairment of long-lived assets which occurred at the end of fiscal year 2024.
Current wording
The decrease in depreciation and amortization of approximately $131 or 19% for the nine months ended September 30, 2025, was primarily due to fewer long-lived assets available for depreciation and amortization in the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024 due the impairment of long-lived assets which occurred at the end of fiscal year 2024.
Previous wording
The decrease of approximately $300 or 3% for the six months ended June 30, 2025, was primarily due to the decrease in accounting, legal and public company costs for the six months ended June 30, 2025 as compared to six months ended June 30, 2024.
Current wording
The decrease of approximately $5,165 or 34% for the nine months ended September 30, 2025, was primarily due to the decrease in accounting, legal and public company costs and the Company’s recognition of an employee retention credit (ERC) reduced in general and administrative expenses, for for the nine months ended September 30, 2025 as compared to nine months ended September 30, 2024.
Previous wording
The increase in foreign exchange loss of $857 was primarily due to the fluctuation of the foreign exchange rate in Turkey, creating a remeasurement loss on our lease liability. The increase in other non-operating expense of $64, net was primarily driven by a decrease in finance expenses related to bank fees and charges.
Current wording
The increase in foreign exchange loss of $917 was primarily due to the fluctuation of the foreign exchange rate in Turkey, creating a remeasurement loss on our lease liability. The decrease in other non-operating expense of $73, net was primarily driven by a decrease in finance expenses related to bank fees and charges.
Previous wording
The following is a summary of the transactions included in other non-operating expense, net for the six months ended June 30, 2025 and 2024:
Current wording
The following is a summary of the transactions included in other non-operating expense, net for the nine months ended September 30, 2025 and 2024:
Previous wording
The change in fair value of warrants and derivatives is due to an decrease in the Company’s stock price after entering into the January 2025 Purchase Agreement. The loss on issuance is due to the initial fair value of the Series G Preferred Shares exceeding the fair value of the proceeds received.
Current wording
The change in fair value of warrants and derivatives is due to an decrease in the Company’s stock price after entering into the January 2025 Purchase Agreement. The loss on issuance is due to the initial fair value of the Series G Preferred Stock exceeding the fair value of the proceeds received.
Previous wording
The decrease of $3 for the six months ended June 30, 2025, was primarily due to having less cash in interest bearing accounts and interest paid towards employee retention credits.
Current wording
The increase of $387 for the nine months ended September 30, 2025, was primarily due to having less cash in interest bearing accounts and interest paid towards employee retention credits.
Previous wording
Substantial doubt has been expressed about our ability to continue as a going concern as we have suffered recurring losses from operations and have insufficient liquidity to fund our future operations. If we are unable to improve our liquidity position, we may not be able to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result if we are unable to continue as a going concern and, therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion of their investment. As of June 30, 2025, we had cash and cash equivalents of $5,263 (excluding restricted cash), $2,885 in marketable securities, and total current assets of $11,833. Our total current liabilities balance, which includes accounts payable, deferred revenue, accrued expenses, accrued preferred payments payable, and operating lease liabilities was $9,476 as of June 30, 2025, and $9,224 as of December 31, 2024. The working capital surplus was $2,357 as of June 30, 2025, compared to a working capital surplus of $6,113 as of December 31, 2024.
Current wording
Substantial doubt has been expressed about our ability to continue as a going concern as we have suffered recurring losses from operations and have insufficient liquidity to fund our future operations. If we are unable to improve our liquidity position, we may not be able to continue as a going concern. The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result if we are unable to continue as a going concern and, therefore, be required to realize our assets and discharge our liabilities other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion of their investment. As of September 30, 2025, we had cash and cash equivalents of $3,987 (excluding restricted cash), $237 in marketable securities, and total current assets of $10,814. Our total current liabilities balance, which includes accounts payable, deferred revenue, accrued expenses, accrued preferred payments payable, and operating lease liabilities was $10,056 as of September 30, 2025, and $9,224 as of December 31, 2024. The working capital surplus was $758 as of September 30, 2025, compared to a working capital surplus of $6,113 as of December 31, 2024.
Previous wording
Our primary liquidity and capital requirements are for the maintenance of our current XpresSpa locations and brand, as well as the expansion outside the airports. During the six months ended June 30, 2025, we used net cash of $6,564 to fund our operating activities.
Current wording
Our primary liquidity and capital requirements are for the maintenance of our current XpresSpa locations and brand, as well as the expansion outside the airports. During the nine months ended September 30, 2025, we used net cash of $8,671 to fund our operating activities.
Previous wording
Ongoing conflicts in Russia and Ukraine, and Israel and Palestine, including related sanctions and countermeasures, are difficult to predict, and could adversely impact geopolitical and macroeconomic conditions, the global economy, and contribute to increased market volatility, which may in turn adversely affect our business and operations. We may not be able to raise sufficient additional capital and may tailor our business and operations based on the amount of funding we are able to raise in the future. Nevertheless, there is no assurance that these initiatives will be successful. Our ability to operate depends upon a large number of airplane travelers with the propensity for health and wellness, and in particular spa treatments and products, spending significant time post-security clearance check points at airports. The number of airline travelers at any given time is volatile and subject to change based on various conditions, including but not limited to market and other conditions, prices of travel fare, and oil and gas prices. Additionally, recent changes to U.S. policy implemented by the U.S. Congress, the Trump administration or any new administration have impacted and may in the future impact, among other things, the U.S. and global economy, tariffs, international trade relations, unemployment, immigration, healthcare, taxation, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business.
Current wording
Ongoing conflicts in Russia and Ukraine, and Israel and Palestine, including related sanctions and countermeasures, are difficult to predict, and could adversely impact geopolitical and macroeconomic conditions, the global economy, and contribute to increased market volatility, which may in turn adversely affect our business and operations. We may not be able to raise sufficient additional capital and may tailor our business and operations based on the amount of funding we are able to raise in the future. Nevertheless, there is no assurance that these initiatives will be successful. Our ability to operate depends upon a large number of airplane travelers with the propensity for health and wellness, and in particular spa treatments and products, spending significant time post-security clearance check points at airports. The number of airline travelers at any given time is volatile and subject to change based on various conditions, including but not limited to market and other conditions, prices of travel fare, and oil and gas prices. Additionally, the US government shutdown, recent changes to U.S. policy implemented by the U.S. Congress, the Trump administration or any new administration have impacted and may in the future impact, among other things, the U.S. and global economy, tariffs, international trade
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
relations, unemployment, immigration, healthcare, taxation, the U.S. regulatory environment, inflation and other areas. Although we cannot predict the impact, if any, of these changes to our business, they could adversely affect our business.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
On May 13, 2025, we received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) indicating that, based upon the closing bid price of our common stock for the 30 consecutive business days between March 31, 2025, to May 12, 2025, we did not meet the minimum bid price of $1.00 per share required for continued listing on the Nasdaq Capital Market (“Nasdaq”) pursuant to Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”).
Previous report — wording carried elsewhere
On August 7, 2025, we received a letter (the “Letter”) from the Listing Qualifications Department of Nasdaq stating that for the last 16 consecutive business days, from July 16, 2025, to August 6, 2025, the closing bid price of our common
Previous report — wording carried elsewhere
stock had been at or greater than $1.00 per share. Accordingly, we have regained compliance with the Minimum Bid Price Rule and per the Letter, the matter is now closed.
Previous report — wording carried elsewhere
The increase of $50 was primarily due to having less cash in interest bearing accounts and interest paid towards employee retention credits.