HeartCore loses controlled company status; forms compensation and nominating committees

HeartCore Enterprises, Inc.

Sumitaka Yamamoto's voting power fell below 50% after ATM sales, triggering loss of controlled company status.
Board formed Compensation Committee (Chair Heather Neville, members Ferdinand Groenewald, Koji Sato) and Nominating & Governance Committee (Chair Koji Sato, members Groenewald, Neville).
Compensation Committee Chair receives $7,000/yr, other members $4,000/yr; Nominating Committee Chair receives $6,000/yr, other members $3,000/yr.
Company has one year to comply with Nasdaq majority-independent board requirement; currently 3 of 6 directors are independent.

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