Dragon Victory International Limited Receives Nasdaq Staff Deficiency Letter
Dragon Victory International Limited - Ordinary Shares (LYL)
US:NASDAQ Investor Relations:
prnewswire.com/news-releases/dragon-victory-international-limited-reports-first-six-months-fiscal-2018-financial-results-300583386.html
Company Research
Source: GlobeNewswire
HANGZHOU, China, May 31, 2019 (GLOBE NEWSWIRE) -- Dragon Victory International Limited (Nasdaq: LYL) (the “Company”), a company offering reward-based crowdfunding opportunities and quality incubation services to entrepreneurs in China, announced today that on May 22, 2019, it received a Nasdaq staff deficiency letter (the “Nasdaq Letter”) notifying the Company that it was no longer in compliance with Nasdaq’s independent director and audit committee requirements as set forth in Nasdaq Listing Rule 5605. Nasdaq Listing Rule 5605 requires that the Company’s board of directors must be comprised of a majority of independent directors. The Company’s board of directors had been comprised of three independent directors and two non-independent directors, but the recent resignation of an independent director, Ms. Han Zhang, due to personal reasons resulted in an equal number of independent and non-independent directors of the Company. Nasdaq Listing Rule 5605 also requires the Company to
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