Summary by Moomoo AI
On March 13, 2024, Kaival Brands Innovations Group, Inc., a Delaware-incorporated company listed on The NASDAQ Stock Market under the symbol KAVL, received notification from Nasdaq's Listing Qualifications Department regarding non-compliance with the audit committee requirement following the resignation of two directors, Mr. John Brooks and Mr. George Chuang. The company, which is currently classified as an emerging growth company, is left with Mr. David Worner as the sole independent director on its audit committee. Nasdaq has provided the company with 45 days to submit a plan to regain compliance, with the possibility of a 180-day extension to demonstrate compliance if the plan is accepted. Kaival Brands Innovations intends to submit its compliance plan by April 24, 2024, and is actively seeking potential director candidates to fulfill the Nasdaq Listing Rule 5605. The notice of non-compliance does not immediately affect the company's listing on Nasdaq, and its common stock continues to trade under the ticker KAVL.