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 April 19, 2018, Moxian, Inc. (the “Registrant”) received a letter (the “Letter”) from The Nasdaq Stock Market (“Nasdaq”) notifying the Registrant of the Nasdaq Staff’s determination that the Registrant no longer complies 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 resignation was previously disclosed in the Current Report on Form 8-K filed by on April 3, 2018.
Ms. Wang’s departure from the Board created a vacancy on the Board. As a result, the Registrant is no longer in compliance with the requirements of Nasdaq Listing Rules 5605(b)(1). Nasdaq Listing Rule 5605(b)(1) requires that a majority of the board of directors of a company with Nasdaq-listed securities be composed of independent directors.
The Letter further stated that the Registrant can rely on a cure period allowing it to regain compliance by the earlier of its next annual meeting of shareholders or March 27, 2019 (or if the next annual meeting of shareholders is held before September 24, 2018, then the Registrant must evidence compliance to Nasdaq no later than September 24, 2018). In response to Ms. Wang’s resignation and the receipt of the Letter, the Registrant is currently searching for a qualified individual who satisfies the aforementioned independence requirements to join the Registrant’s Board.
Nasdaq Listing Rule 5810(b) requires that the Registrant promptly disclose receipt of the Letter, which disclosure must include the continued listing criteria that the Registrant failed to meet. The Registrant is filing this Current Report on Form 8-K for the purpose of satisfying Nasdaq’s disclosure requirement.
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.
