BuzzFeed Inc.
04/26/2024 | Press release | Distributed by Public on 04/26/2024 14:15
Submission of Matters to a Vote of Security Holders - Form 8-K
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As disclosed in the Current Report on Form 8-K filed by BuzzFeed, Inc. (the "Company") on March 8, 2024, Patrick Kerins, then a member of the Company's board of directors and the audit committee of the board, notified the Company on March 6, 2024 that he did not intend to stand for re-election as a director of the Company at its 2024 annual meeting of stockholders (the "2024 Annual Meeting"). The Company then promptly notified the Listing Qualifications Department of The Nasdaq Stock Market LLC (the "Nasdaq Staff") that, as a consequence of Mr. Kerins' failure to seek re-election, following the 2024 Annual Meeting, the audit committee of the Company's board of directors would consist of two members and, as such, that the Company would no longer be in compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires that the audit committees of listed companies have a minimum of three members that satisfy certain criteria for service on the committee (the "Nasdaq Audit Committee Requirement").
As discussed below in Item 5.07, on April 25, 2024, Company held the 2024 Annual Meeting. On April 26, 2024, as expected, the Company received a letter from the Nasdaq Staff notifying the Company that the Company was no longer in compliance with the Nasdaq Audit Committee Requirement.
The Company has until the earlier of its 2025 annual meeting of stockholders and April 25, 2025 (i.e., one year from the date on which the Company ceased to be compliant) to regain compliance. If the Company is not in compliance with the Nasdaq Audit Committee Requirement by that date, then the Staff will provide written notification to the Company that its Class A common stock will be subject to delisting. At that time, the Company may appeal the Nasdaq Staff's delisting determination to the Nasdaq Listing Qualifications Panel. However, there can be no assurance that, if the Company receives a delisting notice and appeals the delisting determination, such an appeal would be successful. The Company intends to appoint a third member to the audit committee of the Company's board of directors prior to the expiration of the cure period in order to regain compliance with the Nasdaq Audit Committee Requirement.