secwatch.observer — SEC 8-K summary
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Issuer:     NSTS Bancorp, Inc. (NSTS)
CIK:        0001881592
Form:       8-K
Filed at:   2023-11-03T23:59:59+00:00
Accession:  0001437749-23-030221
Event type: regulatory
Sentiment:  negative
Materiality: 0.50
Item codes: 3.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1881592/000143774923030221/0001437749-23-030221-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1881592/000143774923030221/nsts20231103_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-030221

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