Business
Nuvini (Nasdaq: NVNI) Announces Receipt of Notice of Deficiency from Nasdaq Resulting from Previously Announced Departure of Director
NEW YORK, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Nvni Group Limited (Nasdaq: NVNI) (“Nuvini”), the leading serial acquirer of private SaaS B2B companies in Latin
About this update from Nvni Group Limited
[{"type":"text","content":"NEW YORK, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Nvni Group Limited (Nasdaq: NVNI) (“Nuvini”), the leading serial acquirer of private SaaS B2B companies in Latin America, announced that it received a notice of deficiency (the “Notice”) from the Nasdaq Stock Market (“Nasdaq”). The deficiency cited by Nasdaq in the Notice is the result of the previously-announced resignation of Mr. Randy Millian from the board of directors of the Company (the “Board”) and the audit committee of the Board. With the resignation of Mr. Millian, the Company is currently not in compliance with Nasdaq Listing Rule 5605(c)(2)(A) requiring three independent members on its audit committee. The Notice indicated that, consistent with Nasdaq Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period in order to regain compliance until the earlier of the Company’s next annual shareholders’ meeting or December 30, 2024 or, if the next annual shareholders’ meeting is held before June 26, 2024, then the Company must evidence compliance no later than June 26, 2024. The Company is actively searching for an additional independent director and expects to fill the current vacancy and appoint a third independent director to the Board and the audit committee as soon as possible and within the cure period. About Nuvini Headquartered in São Paulo, Brazil, Nuvini is the leading private serial software business acquirer in Latin America. The Nuvini Group acquires software companies within SaaS markets in Latin America. It focuses on acquiring profitable “business-to-business” SaaS companies with a consolidated business model, recurring revenue, positive cash generation and relevant growth potential. The Nuvini Group enables its acquired companies to provide mission-critical solutions to customers within its industry or sector. Its business philosophy is to invest in established companies and foster an entrepreneurial environment that would enable companies to become leaders in their respective industries. The Nuvini Group’s goal is to buy, retain and create value through long-term partnerships with the existing management of its acquired companies. To date, Nuvini Group’s portfolio of SaaS companies consists of Effecti Tecnologia Web Ltda., Leadlovers Tecnologia Ltda., Ipê Tecnologia Ltda., Dataminer Dados, Informações e Documentos Ltda., OnClick Sistemas de Informaç...