Lytus Technologies discloses Nasdaq notice of noncompliance

Lytus Technologies “announced that on August 18, 2023, it received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market indicating that the Company was not in compliance with NASDAQ’s audit committee requirement as set forth in Listing Rule 5605 (the “Rule”) due to the removal of Mr. Sanjeiiv Chaudhry from the Company’s board and audit committee on July 19, 2023. The Notice also states that NASDAQ will provide the Company a cure period in accordance with NASDAQ Listing Rule 5605(c)(4). Pursuant to NASDAQ Listing Rule 5605(c)(4), such cure period shall be until the earlier of the Company’s next annual shareholders’ meeting or July 19, 2024; or if the next annual shareholders’ meeting is held before January 15, 2024, then the Company must evidence compliance no later than January 15, 2024 to regain compliance with NASDAQ’s continued listing requirements. The Company must also submit to Nasdaq documentation, including biographies of any new directors, evidencing compliance with the listing rule within the cure period. The Company has remedied this issue by appointing a new director, Parvez Master, who meets the requirements of NASDAQ, to the Company’s board of directors, audit committee and compensation committee. In addition, the Company will submit Nasdaq documentation, including the biography of Mr. Master, evidencing compliance with the listing rule within the cure period.”