Zoomcar Holdings, Inc. (ZCAR): Nasdaq/NYSE listing notice — Nasdaq notifies Innovative International of board composition deficiency after Sheppard resigns

Zoomcar Holdings, Inc.

Valarie Sheppard resigned from the board, triggering non-compliance with Nasdaq independent director and audit committee rules (Rule 5605).
Cure period runs until earlier of next annual meeting or July 21, 2024; if meeting before Jan 17, 2024, deadline is Jan 17, 2024.
Company states it expects to regain compliance before the cure period expires; no immediate delisting impact.
The notice is a deficiency notification only; trading of IOAC, IOACU, IOACW continues on Nasdaq.

Key facts

Extracted from this filing and checked against the source text.

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

Zoomcar Holdings, Inc. received a nasdaq deficiency notice notice regarding audit committee (rules 5605, 5605(b)(1)(A), 5605(d)(2), 5605(c)(4)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: audit committee
Rules: 5605, 5605(b)(1)(A), 5605(d)(2), 5605(c)(4)

Exact text from the filing

July 28, 2023, Innovative International Acquisition Corp. (the “Company”) received a written notice (the “Letter”) from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) indicating that, as a result of the resignation of Valarie Sheppard, a member of the IOAC Board, the Company is not in compliance with Nasdaq’s independent director, compensation and audit committee requirements as set forth in Listing Rule 5605. The Letter is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s secur

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Zoomcar Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-087290

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