KUSTOM ENTERTAINMENT, INC. (KUST): Nasdaq/NYSE listing notice — Digital Ally receives Nasdaq deficiency notice over board independence after director Caulfield resigns

KUSTOM ENTERTAINMENT, INC.

Nasdaq staff notified Digital Ally (DGLY) on March 14, 2024, that it fails audit committee and compensation committee independence rules.
Deficiency stems from resignation of director Michael J. Caulfield effective Jan 31, 2024; now lacks required independent members.
Cure period until earlier of next annual meeting (or July 29, 2024) or Jan 31, 2025; delisting possible if not cured.
Management intends to fill vacancy with independent director promptly to regain compliance.
No immediate effect on listing; company says it will take commercially reasonable steps.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

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

KUSTOM ENTERTAINMENT, INC. received a nasdaq deficiency notice notice regarding audit committee (rules 5605).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: audit committee
Rules: 5605

Exact text from the filing

March 14, 2024, the Nasdaq Listing Qualifications staff notified Digital Ally, Inc. (the “Company”), that due to resignation of Mr. Michael J. Caulfield from the Company’s board of directors (the “Board”) effective on January 31, 2024, the Company no longer complies with the audit committee and compensation committee requirements as set forth in Listing Rule 5605 of The Nasdaq Stock Market LLC (“Nasdaq”), including the requirements that there are at least three independent directors on the Company’s audit committee and at least two independent directors on the Company’s compensation committee.

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Source: SEC EDGAR

accession 0001493152-24-010100

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