XI'AN, China, July 07, 2023 (GLOBE NEWSWIRE) -- Bon Natural Life Limited (Nasdaq: BON) ("BON" or the "Company"), one of the leading bio-ingredient solutions providers in the natural, health and personal care industries, today announced that the Company received a letter (the "Notification Letter") from the Nasdaq Stock Market LLC ("Nasdaq") on June 30, 2023, due to the resignations of Messrs. James Edward Burns, Lawrence W. Leighton, and Jeffrey J. Guzy from the Company's Board of Directors and respective committee assignments effective May 19, June 26, and June 28, 2023, respectively, the Company no longer complies with Nasdaq's majority independent board and independent audit, compensation, and nominating committee requirements as set forth in Listing Rule 5605.
Under applicable Nasdaq rules, the Company has until no later than August 14, 2023 to submit a plan to regain compliance. If the plan is accepted, the Company may be granted an extension of up to 180 calendar days from the date of the Notification Letter to regain compliance.
The Company is in the process of identifying and retaining new independent directors to serve on its board, and it intends to have a majority independent board reimplemented within the near future.
About Bon Natural Life Limited
The Company focuses on the manufacturing of personal care ingredients, such as plant extracted fragrance compounds for perfume and fragrance manufacturers, natural health supplements such as powder drinks and bioactive food ingredient products mostly used as food additives and nutritional supplements by their customers.