Applied UV Inc. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Leadership Update
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On May 15, 2024, the Company received a written notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) dated May 15, 2024, indicating that, as a result of Eugene Burleson’s resignation from the Board of Directors of the Company (“Board”), the audit committee of the Board (the “Audit Committee”), effective May 7, 2024, the Company is not currently in compliance with Nasdaq Listing Rule 5605, which requires that the Audit Committee is comprised of at least three independent directors.
The Audit Committee currently is comprised of only two independent directors, Joseph Luhukay and Christopher Kochuba. In accordance with Nasdaq Listing Rule 5605(b)(1)(A), the Company has a “cure period” of until the earlier of the Company’s next annual shareholders’ meeting or May 7, 2025, or if the next annual shareholders’ meeting is held before November 4, 2024, then the Company must evidence compliance no later than November 4, 2024. The Company intends to elect one independent director to serve as a member of the Audit Committee during this cure period.
The Notice has no immediate effect on the listing or trading of the Company’s common stock on The Nasdaq Capital Market.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 14, 2024, the Board of Directors (“Board”) of Applied UV, Inc. appointed Christopher Kochuba as a member of the Audit Committee and compensation committee of the Board effective as of May 14, 2024.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| APPLIED UV, INC. | ||
| Date: May 17, 2024 | By: | /s/ Mike Riccio |
| Name: | Mike Riccio | |
| Title: | Chief Financial Officer | |
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