Near Intelligence, Inc.: Nasdaq/NYSE listing notice — Near Intelligence receives Nasdaq delisting notice and warns liquidity insufficient beyond next few months

Near Intelligence, Inc.

Received Nasdaq notice for non-compliance with audit committee independence rule due to board resignation of Mini Krishnamoorthy on Oct 24, 2023; cure period until next annual meeting or Oct 24, 2024.
Company warns liquidity will not be sufficient to fund operations beyond the next couple of months and may need to file for bankruptcy.
Ongoing investigation into alleged financial mismanagement by former CEO and CFO prevents publication of revised financial statements; not expected in near future.
Retained GLC Advisors as investment banker to explore strategic alternatives including asset sales, partnerships, cost cuts; no assurance of completion.
States it is increasingly unlikely to avoid a court-supervised reorganization, which could result in total loss for equity and junior debt holders.

Key facts

Extracted from this filing and checked against the source text.

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

Near Intelligence, Inc. received a nasdaq noncompliance notice notice regarding audit committee (rules 5605(c)(2), 5605(c)(4)).

Exchange: nasdaq
Notice: noncompliance notice
Deficiency: audit committee
Rules: 5605(c)(2), 5605(c)(4)

Exact text from the filing

November 9, 2023, Near Intelligence, Inc. (the “Company”, and together with its subsidiaries “we”, “us” or “our”) received a letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of the previously disclosed resignation of Mini Krishnamoorthy from the Company’s Board of Directors on October 24, 2023, the Company is not in compliance with Nasdaq Listing Rule 5605(c)(2), which requires that the Audit Committee of the Board of Directors of the Company be comprised of at least three independent directors. The letter also indicated t

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Source: SEC EDGAR

accession 0001213900-23-085257

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