---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-030221"
form_type: "8-K"
ticker: "NSTS"
cik: "0001881592"
company_name: "NSTS Bancorp, Inc."
filed_at: "2023-11-03T23:59:59+00:00"
generated_at: "2026-06-08T22:44:06.600267+00:00"
event_type: "regulatory"
sentiment: "negative"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# NSTS Bancorp non-compliant with Nasdaq board independence and audit committee rules after director death

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-030221
- form_type: 8-K
- ticker: NSTS
- cik: 0001881592
- company_name: NSTS Bancorp, Inc.
- filed_at: 2023-11-03T23:59:59+00:00
- event_type: regulatory
- sentiment: negative
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 3.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1881592/000143774923030221/0001437749-23-030221-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1881592/000143774923030221/nsts20231103_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-030221
- JSON: https://secwatch.observer/filing/0001437749-23-030221.json
- Plain text: https://secwatch.observer/filing/0001437749-23-030221.txt

## Key facts
- Listing & Compliance Notices
  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)
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1881592/000143774923030221/0001437749-23-030221-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.