XML 35 R25.htm IDEA: XBRL DOCUMENT v3.23.2
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

Note 19    SUBSEQUENT EVENTS

 

As previously reported on a Current Report on Form 8-K filed by the Company with the SEC on July 13, 2023, the Company regrettably announced the unexpected death of Yin-Chieh (“Jeff”) Cheng. Jeff had served as the Company’s Chief Executive Officer, President and Chairman of the Board since December 27, 2018. It is anticipated that Jeff’s shares of common stock and Series A warrants of the Company will be inherited by his mother.

 

As previously reported on a Current Report on Form 8-K filed by the Company with the SEC on August 8, 2023, the Board of Directors appointed Andy Ching-An Jin as the Company’s Chief Executive Officer, effective July 31, 2023.

 

As previously reported on a Current Report on Form 8-K filed by the Company with the SEC on August 3, 2023, on July 31, 2023, the Company received a letter from the Nasdaq Listing Qualifications Staff (“Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) therein stating that due to the resignation of Yih-Yu (“Grace”) Lei from the Company’s Audit Committee of the Board of Directors, the Company no longer complies with Nasdaq’s audit committee requirement as set forth in Listing Rule 5605.

 

To regain compliance, the Board must appoint an independent director to fill the vacancy on the Audit Committee resulting from Ms. Lei’s resignation. Per the Staff’s letter and consistent with Nasdaq Listing Rule 5605(c)(4), the Company is required to evidence its compliance with Listing Rule 5605 no later than January 23, 2024 (the “Compliance Period”). In the event the Company does not regain compliance by the Compliance Period, Nasdaq rules require the Staff to provide written notification to the Company that its securities will be delisted. At that time, the Company may appeal the delisting determination to a Nasdaq Hearings Panel.

 

The Company is currently interviewing and evaluating candidates to serve on the Board and the Audit Committee. The notice from Nasdaq has no immediate effect on the listing of the Company’s common stock, and its common stock will continue to be listed on The Nasdaq Capital Market under the symbol “NCRA.”