Daily Journal Corp receives expected non-compliance letter from Nasdaq

As previously announced on December 1, 2023, due to the death of director Charles T. Munger, Daily Journal Corporation notified the Nasdaq Stock Market that the company’s audit committee has only two members, which is contrary to Nasdaq Listing Rule 5605(c)(2)(A)’s requirement that listed companies have an audit committee of at least three members. On March 13, 2024, the company received a letter from Nasdaq indicating that the company has a cure period in order to regain compliance as follows: until the earlier of the company’s next annual shareholders’ meeting or November 28, 2024; or if the next annual shareholders’ meeting is held before May 27, 2024, then the company must evidence compliance no later than May 27, 2024. The company intends to fill the vacancy on the company’s board of directors and audit committee with a qualified individual who meets the criteria of the Nasdaq listing rules in advance of the compliance deadline.