Company: NSTS
Filing Date: 2025-02-10
Form Type: 8-K
Source: 0001437749-25-003297
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Company: NSTS Bancorp, Inc.
Filing Date: 2025-02-10
Form: 8-K
Item: Item 3.01
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Item 3.01.      Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.  

On January 3, 2025, NSTS Bancorp, Inc. (the “ Company”) notified The Nasdaq Stock Market (“ Nasdaq”) of the recent unexpected passing of Mr. Thaddeus M. Bond, Jr. At the time of his death, Mr. Bond was a director of the Company and a member and chairman of both its Nominating and Corporate Governance Committee and Compensation Committee. In the notice, the Company further notified Nasdaq that, as a result of Mr. Bond’s passing, the Company’s Board of Directors currently consists of six members, only three of whom are “independent directors” as defined in Rule 5605(a)(2) of the Nasdaq listing standards. Accordingly, the Company does not meet the requirements of Rule 5605(b)(1) of the Nasdaq listing standards, which requires that a majority of the Board of Directors of the Company be comprised of “independent directors” as defined in Rule 5605(a)(2) of the Nasdaq listing standards.

On February 7, 2025, the Company received a letter from Nasdaq confirming that, due to Mr. Bond’s death, the Company has temporarily fallen out of compliance with the requirements of Rule 5605(b)(1) of the Nasdaq listing standards.

In accordance with Rule 5605(b)(1)(A) of the Nasdaq listing standards, the Company has until the earlier of its next annual stockholders’ meeting or December 21, 2025 to regain compliance, or if the Company’s next annual stockholders’ meeting is held before June 19, 2025, then the Company must evidence compliance no later than June 19, 2025. Prior to the end of the cure period described above, the Company's Board of Directors intends to fill the vacancy on the Company’s Board of Directors with a person who meets the requirements of Rule 5605(b)(1) of the Nasdaq listing standards.

SIGNATURE