ClearSign Technologies Corp (CLIR): Nasdaq/NYSE listing notice — ClearSign receives Nasdaq noncompliance notice over board independence after director resignation

ClearSign Technologies Corp

ClearSign received Nasdaq notice on Nov 24, 2023, for noncompliance with board independence rules (Rules 5605(b)(1) and 5605(c)(2)(A)).
Board lacks majority independent directors; audit committee has only two independent directors (needs three).
Nasdaq granted cure period until next annual shareholder meeting or Nov 11, 2024; if meeting before May 7, 2024, cure by May 7, 2024.
Notice has no immediate effect on listing of common stock (CLIR) on Nasdaq.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.99

ClearSign Technologies Corp received a nasdaq deficiency notice notice regarding board independence (rules 5605(b)(1), 5605(c)(2)(A), 5605(a)(2), 5605(c)(4), 5605(b)(1)(A)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: board independence
Rules: 5605(b)(1), 5605(c)(2)(A), 5605(a)(2), 5605(c)(4), 5605(b)(1)(A)

Exact text from the filing

November 24, 2023, ClearSign Technologies Corporation (the “Company”) received a notice (the “Notice”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) stating that the previously announced resignation of Gary DiElsi from the Company’s Board of Directors (the “Board”) resulted in noncompliance with the board of directors independence requirements set forth in Nasdaq Listing Rule 5605(b)(1) and the requirement in Nasdaq Listing Rule 5605(c)(2)(A) to have an audit committee of at least three independent directors. More specifically, when the Notice was issued

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ClearSign Technologies Corp filing history →

Source: SEC EDGAR

accession 0001104659-23-121296

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