Moxian, Inc. (NASDAQ:MOXC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingITEM 3.01
On May 16, 2018, Moxian, Inc. (the “Registrant”) received notification from The Nasdaq Stock Market (“Nasdaq”) that the Registrant has regained compliance with the Nasdaq Listing Rule 5605(b)(1) requirement for continued listing on Nasdaq, and that this matter is now closed.
On April 19, 2018, the Registrant had received a letter from Nasdaq notifying the Registrant of the Nasdaq Staff’s determination that the Registrant no longer complied with Nasdaq’s independent director requirement as set forth in Listing Rule 5605 due to the resignation of Ms. Wang Ying Jie from the Board of Directors (the “Board”) of the Registrant, effective March 27, 2018.
Ms. Wang’s departure from the Board created a vacancy on the Board. And as a result, the Registrant was not in compliance with the requirements of Nasdaq Listing Rules 5605(b)(1), which requires that a majority of the board of directors of a company with Nasdaq-listed securities be composed of independent directors.
With the appointment of Mr. “Lionel” Choong Khuat Leok to the Board effective May 11, 2018, a majority of the Registrant’s Board is again composed of independent directors.
The disclosure contained in Item 3.01 of this Current Report on Form 8-K is incorporated by reference in its entirety into this Item 8.01.
About Moxian, Inc. (NASDAQ:MOXC)
Moxian, Inc., formerly Moxian China, Inc. is engaged in the online-to-offline (O2O) business. The Company provides an online platform for small and medium sized enterprises (SMEs) with physical stores to conduct business online, interact with existing customers and obtain new customers. The Company refers to its customers as Merchant Clients and the users of its mobile application and platform that are the Merchant Clients’ existing customers as Users. Its products and services are designed to allow Merchant Clients to conduct targeted advertising campaigns and promotions. The version of its platform is called Moxian+, which consists of its user mobile application, Moxian+ User App and a separate application for its Merchant Clients, the Moxian+ Business App. Both versions of the application are available in the Google Play Store and the Apple application Store. The Moxian+ User App provides access to a social media platform with a package of services.