NSTS Bancorp, Inc. (NSTS): Nasdaq/NYSE listing notice — NSTS Bancorp non-compliant with Nasdaq board independence and audit committee rules after director death

NSTS Bancorp, Inc.

Director Kevin Dolan passed away unexpectedly on or before Nov 1, 2023.
Board reduced to 6 members, only 3 independent; audit committee reduced to 2 members.
Non-compliant with Nasdaq Rules 5605(b)(1) (majority independent) and 5605(c)(2)(A) (3-member audit committee).
Cure period: earlier of next annual shareholders' meeting or Oct 7, 2024 (or Apr 4, 2024 if annual meeting before that date).
Company intends to fill vacancy with an independent director before end of cure period.

Key facts

Extracted from this filing and checked against the source text.

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

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

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

Exact text from the filing

November 2, 2023, the Company received a letter from Nasdaq confirming that, due to Mr. Dolan’s death, the Company has temporarily fallen out of compliance with the requirements of Rule 5605(b)(1) and Rule 5605(c)(2)(A) of the Nasdaq listing standards. In accordance with Rule 5605(b)(1)(A) and Rule 5605(c)(4) of the Nasdaq listing standards, the Company has until the earlier of its next annual shareholders’ meeting or October 7, 2024 to regain compliance; provided, however, that if the next annual shareholders’ meeting is held before April 4, 2024, then the Company must be in compliance no lat

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NSTS Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-030221

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