SKYX Platforms Corp. told Nasdaq it no longer met two board-composition requirements after independent director Efrat L. Greenstein Brayer died on September 26, 2026. Nasdaq sent the company a cure-period letter on September 30. The company said the notice has no immediate effect on its listing, subject to continued compliance with Nasdaq rules; it has until a conditional deadline to address the shortfalls.
Why SKYX received the notice
Greenstein Brayer served on SKYX’s audit and compensation committees and chaired its nominating and corporate governance committee, according to the company’s October 1, 2026 Form 8-K. The filing says she died on September 26. She had been one of seven directors elected at the company’s July 8 annual stockholders’ meeting, as recorded in its annual-meeting filing.
On September 28, SKYX notified Nasdaq that the vacancy left it out of compliance with two composition provisions: the majority-independent-board requirement in Rule 5605(b)(1) and the minimum audit-committee-size requirement in Rule 5605(c)(2)(A). The filing identifies those composition issues; it does not say Nasdaq found a problem with any other director or committee eligibility requirement.
Which Nasdaq rules are involved?
Nasdaq Listing Rule 5605 sets governance standards for listed companies. Rule 5605(b)(1) requires a majority of the board to be independent. Rule 5605(c)(2)(A) requires an audit committee of at least three members. The audit-committee rule also sets member-independence, financial-literacy and other eligibility requirements; the SKYX filing identifies the vacancy-related shortfalls as board and committee composition.
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What is SKYX’s deadline to regain compliance?
Nasdaq’s September 30 letter gives SKYX a cure period that expires at the earlier of its next annual stockholders’ meeting or September 26, 2027. There is also a specific early-meeting condition: if the next annual meeting takes place before March 25, 2027, SKYX must evidence compliance no later than March 25, 2027.
| Next annual meeting timing | Deadline described in Nasdaq’s letter |
|---|---|
| On or after March 25, 2027, but before September 26, 2027 | The next annual meeting, because the cure period ends at the earlier of that meeting or September 26, 2027. |
| Before March 25, 2027 | SKYX must evidence compliance no later than March 25, 2027. |
| After September 26, 2027, or no earlier annual meeting | September 26, 2027, the stated outer endpoint. |
The timing comes from the company’s account of Nasdaq’s letter in its Form 8-K; it should not be reduced to a single unconditional date.
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Does the notice immediately affect SKYX’s Nasdaq listing?
No immediate listing change was reported in the filing. SKYX stated: “The foregoing has no immediate effect on the Company’s Nasdaq listing, subject to compliance with the listing rules.” That is the company’s statement in its SEC filing, not a separate assurance from Nasdaq. SKYX said it intends to take steps to regain compliance but cautioned that “there can be no assurance” it will do so within the applicable cure period.
What has happened so far
- July 8, 2026: SKYX elected seven directors at its annual stockholders’ meeting, including Greenstein Brayer.
- September 26, 2026: Greenstein Brayer died.
- September 28, 2026: SKYX notified Nasdaq it no longer met the cited board and audit-committee composition requirements.
- September 30, 2026: Nasdaq sent the cure-period letter.
- October 1, 2026: CEO Leonard J. Sokolow signed the Form 8-K reporting the notice.
What remains unconfirmed
The October 1 filing does not establish that SKYX has appointed replacement directors or that Nasdaq has confirmed the company regained compliance. It reports the vacancy, the notice and the cure period, not a later resolution.
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