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This morning most investors are going to be looking at those stocks that may have recorded significant gains last Friday and that is nothing out of the ordinary. One of the stocks which may well be in focus this morning is the Snow Lake Resources Ltd (NASDAQ:LITM) stock which had managed to clock gains of as much as 38% this past Friday.
The company announced last Friday that back on September 19, it had been notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC that its stock was not in compliance with the audit committee requirements. The stock was non-compliant owing to the fact that Snow Lake had removed NachumLablowski from its audit committee earlier on in the month.
While Lablowski is still an independent director at the company, he had also been removed from the corporate governance and nominating committees. However, Snow Lake has been given a cure period by the NASDAQ within which it would need to regain compliance.
The date has been set for September 7, 2023, or the next annual shareholders’ meeting. That being said, it should be noted that if Snow Lake chooses to host its annual shareholders’ meeting before March 6 next year, then it would need to provide evidence of compliance before that date.
If Snow Lake fails to regain compliance within the specified cure period deadline then the company is going to be served with written notification with regards to the delisting of its stock from NASDAQ. However, it should be noted that the company was quick to point out that the notification in question will have no effect on the listing status of Snow Lake’s common shares at this point in time. The shares are going to trade normally. It remains to be seen if the stock can add to its gains today.