UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously reported in a current report on Form 8-K filed with the U.S. Securities and Exchange Commission on April 22, 2022, Mr. Mark Derrick Collier resigned as a director of Duddell Street Acquisition Corp. (the “Company”) effective from April 19, 2022. Mr. Collier was one of the independent directors of the Company and served as chairman of the compensation committee and the nominating and corporate governance committee of the board of directors (the “Board”) and as a member of the audit committee of the Board. Pursuant to Mr. Collier’s resignation from the Board and audit committee, the Company is currently not in compliance with the independent director and audit committee composition requirements set forth in Nasdaq Listing Rules 5605 (the “Board Composition and Committee Requirement Rules”).
On April 29, 2022, the Company received a letter from the staff of the Listing Qualifications Department of the Nasdaq Stock Market (the“Staff”) stating that due to Mr. Collier’s resignation as a director from the Board and audit committee, the Company no longer complies with the Board Composition and Committee Requirement Rules, which require that a majority of the Board must be independent and the audit committee is required to have a minimum of three members, each of whom must be an independent director. In accordance with Nasdaq Listing Rules 5605(b)(1)(A) and 5605(c)(4), Nasdaq will provide the Company a cure period in order to regain compliance as follows: (i) until the earlier of the Company’s next annual shareholders’ meeting or April 19, 2023; or (ii) if the Company’s next annual shareholders’ meeting is held before October 17, 2022, then the Company must evidence compliance no later than October 17, 2022 (the “Cure Period”). If the Company fails to regain compliance within the Cure Period, the Nasdaq Listing Rules require the Staff to provide written notification to the Company that its securities will be delisted.
The Company is actively engaged in efforts to regain compliance with the Board Composition and Committee Requirement Rules and plans to regain compliance within the Cure Period provided by Nasdaq.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 11, 2022
| DUDDELL STREET ACQUISITION CORP. | ||
| By: | /s/ Manoj Jain | |
| Manoj Jain | ||
| Chief Executive Officer | ||
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