Akili, Inc.: Nasdaq/NYSE listing notice — Director resignation causes Akili to lose board independence and Nasdaq compliance

Akili, Inc.

Kenneth Ehlert resigned from board and audit committee effective Dec 19, 2023; not due to any disagreement.
Board now has 3 independent and 3 non-independent directors, violating Nasdaq majority independence requirement.
Audit Committee reduced to 2 members, violating Nasdaq requirement for at least 3 members.
Nasdaq granted cure period until earlier of next annual meeting or Dec 19, 2024; if annual meeting before June 17, 2024, compliance by June 17, 2024.
Company is reviewing options; no immediate effect on listing; common stock continues trading under AKLI.

item 3.01 item 5.02

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Departed

Kenneth Ehlert

Director

Akili, Inc.

Effective: 2023-12-19
Filed: December 20, 2023, 6:59 PM ET

The information regarding Mr. Ehlert’s resignation contained in

Key facts

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Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.95

Akili, Inc. received a nasdaq deficiency notice notice regarding board independence (rules 5605(a)(2), 5605(b)(1), 5605(c)(2)(A)).

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

Exact text from the filing

December 20, 2023, the Company received a letter from the Nasdaq Listing Qualifications Staff confirming such noncompliance and confirming that Nasdaq will provide the Company with the cure period set forth below in order to regain compliance with these governance requirements. With Mr. Ehlert’s resignation, the Board no longer has a majority of “independent directors” (as defined in Nasdaq Stock Market (“Nasdaq”) Rule 5605(a)(2)) as required by Nasdaq Rule 5605(b)(1); the Board now has three independent directors and three non-independent directors. In addition, the Audit Committee no longer

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Executive change SEC 8-K Item 5.02 confidence 0.95

Kenneth Ehlert resigned as Director at Akili, Inc..

Action: resigned
Role: Director

Exact text from the filing

The information regarding Mr. Ehlert’s resignation contained in

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Source: SEC EDGAR

accession 0001193125-23-300008

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