UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard.
On March 7, 2024, Eastside Distilling, Inc. received a deficiency letter from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market (“Nasdaq”) notifying Eastside Distilling that, due to the resignation of Elizabeth Levy-Navarro from Eastside Distilling’s Board of Directors, Eastside Distilling no longer complies with Nasdaq Listing Rule 5605, which requires that a listed company have a majority of independent directors on its Board of Directors and have an audit committee consisting of at least three independent directors.
The notification has no immediate effect on Eastside Distilling’s Nasdaq listing. In accordance with Nasdaq Listing Rules, Eastside Distilling has been provided a cure period: Eastside Distilling must regain compliance with Listing Rule 5605 by the earlier of the date of Eastside Distilling’s next annual shareholders’ meeting or January 22, 2025, except that if the next annual shareholders’ meeting is held before July 22, 2024, then Eastside Distilling must achieve compliance no later than July 22, 2024. If Eastside Distilling cannot demonstrate compliance with Listing Rule 5605 within the cure period, the Staff will provide written notification that Eastside Distilling’s Common Stock will be delisted from the Nasdaq Capital Market. At that time, Eastside Distilling may appeal Nasdaq’s determination to a Hearings Panel.
The management of Eastside Distilling has resolved to take commercially reasonable steps to fill the vacancy on the Board with a new director who qualifies as independent under the Nasdaq Listing Rules as soon as is practical but in no event later than the expiration of the cure period described above.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 11, 2024
| EASTSIDE DISTILLING, INC. | ||
| By: | /s/ Geoffrey Gwin | |
| Geoffrey Gwin | ||
| Chief Executive Officer | ||