ArrowMark Financial Corp. (BANX): Nasdaq/NYSE listing notice — ArrowMark Financial receives Nasdaq non-compliance notice due to Audit Committee composition after director death

ArrowMark Financial Corp.

Michael Stolper, independent director and Audit Committee member, died March 21, 2025.
Company now has only two independent directors on Audit Committee, violating Nasdaq Listing Rule 5605(c) requiring three.
Nasdaq granted cure period until earlier of next annual meeting or March 21, 2026, or if annual meeting before Sep 17, 2025, comply by Sep 17, 2025.
Nominating Committee actively seeking a qualified independent director to fill vacancy.
Company expects to appoint suitable candidate before the September 17, 2025 deadline.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

ArrowMark Financial Corp. received a nasdaq deficiency notice notice regarding audit committee (rules 5605(c), 5605(c)(4)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: audit committee
Rules: 5605(c), 5605(c)(4)

Exact text from the filing

March 25, 2025, ArrowMark Financial Corp. (the “Company”) received a letter from Nasdaq in response to the Company’s notification to Nasdaq that Mr. Michael Stolper, who was an independent director and member of the Company’s Audit Committee, had passed away on March 21, 2025. As a result, the Company has only two independent directors serving on its Audit Committee and is not in compliance with Nasdaq’s audit committee composition requirement of three independent directors as set forth in Nasdaq Listing Rule 5605(c). Consistent with Listing Rule 5605(c)(4), Nasdaq has provided the Company a

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Source: SEC EDGAR

accession 0000930413-25-001074

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