Summary by Moomoo AI
On January 12, 2024, Tingo Group, Inc. received a Notification Letter from Nasdaq stating that the company is not in compliance with Nasdaq's audit committee requirements due to the resignation of Mr. Jamal Khurshid from the Board of Directors and audit committee on December 20, 2023. The Nasdaq Listing Qualifications department has granted Tingo Group a cure period to regain compliance, which lasts until the earlier of the next annual shareholders' meeting or December 20, 2024, or by June 17, 2024, if the shareholders' meeting occurs before that date. Tingo Group intends to appoint a third independent director to its audit committee within this timeframe and will notify Nasdaq accordingly. Failure to regain compliance within the cure period may result in delisting, after which the company may appeal the decision. Tingo Group is required to make a public announcement of this notification and will be included in Nasdaq's list of non-compliant companies five business days from the date of the letter.
