DelistingMay 27, 2026, 04:41 PM
DNA X Receives Nasdaq Delisting Determination Letter
AI Summary
DNA X, Inc. entered into a Securities Purchase Agreement with DNA Holdings Venture, Inc. on May 20, 2026, issuing a convertible promissory note with a principal amount of $3,052,787.68. The consideration included $1.8 million in cash and the surrender of a previous note. Concurrently, the company received a delisting determination letter from Nasdaq on May 22, 2026, due to its failure to comply with the $2.5 million stockholders' equity requirement, having reported a deficit of $983,000 as of March 31, 2026.
Key Highlights
- DNA X issued a convertible promissory note for $3,052,787.68 to DNA Holdings Venture, Inc.
- The note's purchase price included $1,800,000 in cash and the surrender of a $1,200,000 note plus $52,787.68 in accrued interest.
- The convertible note matures on December 31, 2026, and accrues interest at 10% per annum.
- It is convertible into common stock at an initial price of $6.00 per share, subject to stockholder approval.
- The note is secured by a first priority lien on the company's wholly-owned subsidiary, DNA X, LLC.
- DNA X received a Nasdaq delisting determination letter on May 22, 2026.
- The company is not in compliance with Nasdaq's $2,500,000 stockholders' equity requirement.
- DNA X reported a stockholders' deficit of $983,000 as of March 31, 2026.
Price Impact
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