NSTS Bancorp, Inc. (NSTS): Nasdaq/NYSE listing notice — NSTS Bancorp out of Nasdaq independent board rule after director's death; has cure period until Dec 2025

NSTS Bancorp, Inc.

Director Thaddeus M. Bond Jr. died; board now has 6 members, only 3 independent.
Company notified Nasdaq on Jan 3, 2025; received Nasdaq letter on Feb 7, 2025 confirming non-compliance.
Failure to meet Nasdaq Rule 5605(b)(1) majority independent director requirement.
Cure period ends earlier of next annual meeting or Dec 21, 2025 (or June 19, 2025 if meeting before June 19).
Board intends to fill vacancy with an independent director before the cure deadline.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

NSTS Bancorp, Inc. received a nasdaq deficiency notice notice regarding board independence (rules 5605(b)(1), 5605(a)(2)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: board independence
Rules: 5605(b)(1), 5605(a)(2)

Exact text from the filing

February 7, 2025, the Company received a letter from Nasdaq confirming that, due to Mr. Bond’s death, the Company has temporarily fallen out of compliance with the requirements of Rule 5605(b)(1) of the Nasdaq listing standards. In accordance with Rule 5605(b)(1)(A) of the Nasdaq listing standards, the Company has until the earlier of its next annual stockholders’ meeting or December 21, 2025 to regain compliance, or if the Company’s next annual stockholders’ meeting is held before June 19, 2025, then the Company must evidence compliance no later than June 19, 2025. Prior to the end of the cur

View on SEC.gov

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

NSTS Bancorp, Inc. received a nasdaq deficiency notice notice regarding board independence (rules 5605(b)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: board independence
Rules: 5605(b)(1)

Exact text from the filing

February 7, 2025, the Company received a letter from Nasdaq confirming that, due to Mr. Bond’s death, the Company has temporarily fallen out of compliance with the requirements of Rule 5605(b)(1) of the Nasdaq listing st

View on SEC.gov

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NSTS Bancorp, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-25-003297

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