US SEC Trading Suspension Halt Orders — March 23, 2026

Stockholders’ equity below $2.0M threshold due to losses in two of three recent fiscal years, violating Section 1003(a)(i)

Equity also under $4.0M from losses in three of four recent fiscal years, breaching Section 1003(a)(ii) with multi-year loss trend

Negative sentiment at 9/10 materiality from March 17, 2026 NYSE notice, no counterbalancing bullish metrics

No enriched insider trading activity indicating buys or pledges, lacking management conviction amid distress

Warrants (SOARW) already relegated to OTC Markets trading, signaling early-stage delisting precedent for common stock

Absence of capital allocation data (dividends, buybacks) amid equity deficits suggests zero shareholder returns prioritization

No forward-looking guidance on revenue/margins, only regulatory compliance targets highlighting operational weakness

Recent fiscal years show consistent losses QoY (2/3 and 3/4 periods), with no period-over-period equity improvement trends

High regulatory halt risk in trading suspensions stream, single-filing outlier with no peers for relative outperformance

No M&A or transaction details to bolster balance sheet, isolated equity erosion vs. potential sector consolidations

Operational metrics implied weak (sustained losses), no capacity/volume growth to offset equity compliance failure

Must submit compliance plan by April 16, 2026, or face delisting proceedings, with regain deadline December 17, 2026

Stockholders’ equity < $2.0M from losses in 2/3 recent FY, direct NYSE non-compliance under 1003(a)(i)

Losses in 3/4 recent fiscal years drove equity < $4.0M, multi-period deterioration with no QoQ recovery

Class A (SOAR) at risk of halt post-compliance failure, warrants already OTC-exiled reducing liquidity

Uniformly negative analysis (9/10 materiality), no mixed elements or bullish offsets in enriched data

Zero reported insider transactions/holdings changes, potential concern signal absent buying support

No dividends/buybacks/splits in enriched data, equity losses imply cash preservation over returns

Lacking forward revenue/profit forecasts, only regulatory timelines flag execution uncertainty

Successful plan submission by April 16, 2026 could extend runway to December 17 compliance, potential short-covering rally

High delisting probability from sustained losses offers alpha via shorts on SOAR amid no insider support

Warrants (SOARW) on OTC may decouple post-delisting; monitor spreads vs. SOAR for relative value plays

April 16 plan filing as near-term binary event, position for volatility if equity recapitalization hinted

Watch for unlisted M&A or capital raise details in plan to close $2-4M equity gap

As sole filing outlier, relative short vs. compliant aviation peers if sector trends emerge

Proactive selling ahead of December 17 deadline avoids OTC discount, lock in value now

1/1 filings show equity < $2-4M from multi-year losses, implying broad vulnerability for loss-making microcaps

NYSE notices without immediate suspensions (SOAR trading intact) set pattern for phased delisting risks

Losses in 2/3 to 3/4 recent FY aggregate to chronic deficits, no YoY recovery across stream

Warrants to OTC signals common stock trajectory, liquidity theme for suspension-prone names

Narrow compliance windows (Apr-Dec 2026) highlight time-sensitive regulatory pressures

Submit by April 16, 2026; monitor for equity raise or cost-cut details to gauge regain feasibility [Apr 16, 2026]

Full NYSE compliance required by December 17, 2026, or delisting; track equity trends quarterly [Dec 17, 2026]

Post-April 16 hearing risk if plan rejected; watch for halt notices [Post-Apr 16, 2026]

No current trades; monitor Form 4s for CEO/CFO buying/selling signaling conviction [Ongoing]

OTC warrant trading spreads as leading delisting indicator; watch volume decoupling [Ongoing]

Debt-to-Equity implied high from equity lows; await next 10-Q for ROE/margin updates [Next Quarterly Filing]

Loss drivers (volumes/costs) undisclosed; track aviation sector peers for relative distress [Ongoing]