Nuvini Announces Receipt Of Notice Of Deficiency From Nasdaq Resulting From Previously Announced Departure Of Director
Portfolio Pulse from Benzinga Newsdesk
Nuvini Group Limited (NASDAQ:NVNI) received a notice of deficiency from Nasdaq due to non-compliance with the requirement of having three independent members on its audit committee, following the resignation of Mr. Randy Millian. Nuvini has until the earlier of its next annual shareholders' meeting or December 30, 2024, to regain compliance, with an extension to June 26, 2024, if the shareholders' meeting is earlier. The company is seeking a new independent director to resolve the issue.
January 19, 2024 | 9:21 pm
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Nuvini Group Limited received a Nasdaq notice of deficiency due to the lack of three independent audit committee members after a director's resignation. They have a cure period until December 30, 2024, or the next annual meeting to comply.
The notice of deficiency from Nasdaq is a negative event indicating governance issues that could concern investors and potentially affect the stock price negatively in the short term. The company's proactive approach to resolving the issue by searching for a new director may mitigate the impact over time, but the immediate reaction is likely to be negative due to the uncertainty and the risk of non-compliance with Nasdaq rules.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100