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Nvni Group Limited (NASDAQ:NVNI) ("Nuvini"), the leading serial acquirer of private SaaS B2B companies in Latin America, announced that it received a notice of deficiency (the "Notice") from the Nasdaq Stock Market ("Nasdaq").
The deficiency cited by Nasdaq in the Notice is the result of the previously-announced resignation of Mr. Randy Millian from the board of directors of the Company (the "Board") and the audit committee of the Board. With the resignation of Mr. Millian, the Company is currently not in compliance with Nasdaq Listing Rule 5605(c)(2)(A) requiring three independent members on its audit committee.
The Notice indicated that, consistent with Nasdaq Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period in order to regain compliance until the earlier of the Company's next annual shareholders' meeting or December 30, 2024 or, if the next annual shareholders' meeting is held before June 26, 2024, then the Company must evidence compliance no later than June 26, 2024. The Company is actively searching for an additional independent director and expects to fill the current vacancy and appoint a third independent director to the Board and the audit committee as soon as possible and within the cure period.
Posted In: NVNI
