Business jet operator FlyExclusive (JRE, Kinston) has received a notice from the New York Stock Exchange (NYSE) that it is not in compliance with bourse listing rules as it failed to file its 2023 Annual Report on Form 10-K by the due date. In an update on April 22, the company told stakeholders it had received the notice on April 17.
Earlier this month, ch-aviation reported that FlyExclusive had advised the Securities Exchange Commission (SEC) that it would be late filing its calendar 2023 and fourth quarter financial results. The Form 12-25b filing, signed by interim CFO Billy Barnard, said the results could not be filed by the due date because FlyExclusive could not finalise its financial statements for the period without incurring unreasonable effort and expense. It said the airline hoped to file its financial results by April 16.
"The company continued to dedicate significant resources to the completion of the Form 10-K but was unable to file by April 16, 2024, the end of the extension period provided by Form 12b-25," this week's statement reads. "As a newly public company and having become a taxable corporation in December 2023, the company requires additional time to complete the financial reporting and close procedures for the fourth quarter of fiscal year 2023."
FlyExclusive added that the NYSE notice said it had six months from April 16 to regain compliance with the NYSE listing standards by filing Form 10-K with the SEC. It added that if it fails to file within six months, the NYSE may grant, in its sole discretion, an extension of up to six more months for it to regain compliance, depending on the specific circumstance.
North Carolina-based FlyExclusive is one of the world's biggest operators of Cessna Aircraft Company Citations. According to ch-aviation fleets data, this includes eight Encore+, thirty-three Excels, fourteen Citation Jet 3s, seven 3+, nine Sovereigns, thirteen X, seven XLS, and three XLS+.
