Summary by Moomoo AI
On January 23, 2024, RiskOn International, Inc., headquartered in San Antonio, Texas, received a notice from The Nasdaq Stock Market LLC indicating non-compliance with Nasdaq's independent director requirement. The issue arose after the appointment of Milton C. Ault, III to the company's board on January 4, 2024, resulting in only three of the six directors being classified as independent. Nasdaq Listing Rule 5605 mandates a majority of independent directors on a company's board. RiskOn International has been granted a cure period to resolve this issue, which lasts until the next annual shareholders' meeting or January 6, 2025, whichever comes first, or by July 2, 2024, if the shareholders' meeting occurs before that date. The company plans to appoint additional independent directors before the cure period expires. This notice does not currently affect the trading of RiskOn International's common stock on The Nasdaq Capital Market.