Beneficient receives Nasdaq delisting notice for audit committee non-compliance after two directors resign

Beneficient

Nasdaq notified Beneficient on July 25, 2024 of non-compliance with audit committee composition requirements under Listing Rule 5605.
Company has cure period until earlier of next annual meeting or July 21, 2025; must comply by Jan 15, 2025 if annual meeting before then.
Director Emily B. Hill resigned effective Sept 30, 2024; Dennis P. Lockhart resigned effective immediately on July 19, 2024.
Both resignations were not due to disagreement with company; they remain on board of managers of subsidiary BFF.
Non-compliance has no immediate effect on listing or trading of BENF common stock on Nasdaq.

item 3.01 item 5.02

Executive movements

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Departed

Emily B. Hill

Member of the Board and the Audit Committee

BENF · Beneficient

Effective: 2024-09-30
Filed: July 25, 2024, 7:59 PM ET

On July 19, 2024, Emily B. Hill delivered notice of resignation as a member of the Board and the Audit Committee effective September 30, 2024 (the "Hill Resignation").

Departed

Dennis P. Lockhart

Member of the Board and the Audit Committee

BENF · Beneficient

Effective: 2024-07-19
Filed: July 25, 2024, 7:59 PM ET

Also on July 19, 2024, Dennis P. Lockhart resigned as a member of the Board and the Audit Committee effective immediately (the "Lockhart Resignation" and together with the Hill Resignation, the "Resignations").

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Emily B. Hill resigned as Member of the Board and the Audit Committee at Beneficient.

Action: resigned
Role: Member of the Board and the Audit Committee

Exact text from the filing

On July 19, 2024, Emily B. Hill delivered notice of resignation as a member of the Board and the Audit Committee effective September 30, 2024 (the "Hill Resignation").

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Dennis P. Lockhart resigned as Member of the Board and the Audit Committee at Beneficient.

Action: resigned
Role: Member of the Board and the Audit Committee

Exact text from the filing

Also on July 19, 2024, Dennis P. Lockhart resigned as a member of the Board and the Audit Committee effective immediately (the "Lockhart Resignation" and together with the Hill Resignation, the "Resignations").

View on SEC.gov

Beneficient filing history →

Source: SEC EDGAR

accession 0001193125-24-184862

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