Beyond Air Inc. (NASDAQ: XAIR) received approval from a Nasdaq hearing panel to continue its listing on the exchange, according to a company statement. The medical device company must regain compliance with the exchange's minimum bid price requirement by July 31, 2026.

The company remains compliant with all other Nasdaq listing requirements. Beyond Air focuses on nitric oxide-based treatments for respiratory illnesses and other conditions.

"We appreciate the Panel's thoughtful review and support of our compliance plan," said Robert Goodman, chief executive officer. "This decision provides us with the time needed to complete the steps necessary to regain compliance while we remain focused on advancing our commercial execution and progressing our next-generation portable nitric oxide platform."

Beyond Air shareholders will vote on a reverse stock split proposal at a special meeting scheduled for June 18, 2026. If approved, the company plans to implement the reverse stock split at a ratio determined by its board of directors to meet the Nasdaq bid price requirement.

The company has received FDA approval and CE Mark for its LungFit PH system, which treats term and near-term neonates with hypoxic respiratory failure. Beyond Air is headquartered in Garden City, New York.