Upexi (UPXI) said Friday it has been notified that it is not in compliance with Nasdaq's listing rules for failure to submit its Form 10-Q report for the period ended Sept. 30.

The company said it failed to submit its Form 10-Q due to "circumstances beyond its control," and that it plans to submit its quarterly report after filing its Form 10-K annual report.

Upexi will be granted 180 days to regain compliance if its plan, which has to be filed by Dec. 20, is approved, the company said.

Shares of Upexi rose more than 8% in recent trading.

Price: 5.65, Change: +0.44, Percent Change: +8.43