Volcon (VLCN) has released an update to notify the public and investors about listing compliance status.
Volcon, Inc. has appointed John Kim as its new CEO and president, which has led to a shift in the company’s board structure. Kim’s new role means he’s no longer an independent board member, causing the board to fall short of Nasdaq’s independence requirements. The company now faces a deadline to re-establish compliance with Nasdaq’s rules, which could be up to a year, or 180 days if their annual shareholder meeting is soon. Volcon has already informed Nasdaq about this issue.
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For a comprehensive understanding of the announcement, you can read the full document here.
