Kaival Brands Innovations Group (KAVL) Receives Nasdaq Non-compliance Letter

On March 13, 2024, Kaival Brands Innovations Group (NASDAQ: KAVL), received a letter from the Listing Qualifications Department (the “Staff”) of The NASDAQ Stock Market (“Nasdaq”) notifying the Company that, as a result of the resignation of Mr. John Brooks and Mr. George Chuang as directors of the Company (as described in Item 5.02 of the Company’s Current Report on Form 8-K dated February 26, 2024), the Company no longer complies with Nasdaq’s audit committee requirement under Listing Rule 5605 (the “Rules”) and that, as such, Mr. David Worner is now the sole independent director remaining on the Company’s audit committee) and the Company is not eligible for the cure period under the Rules. The Staff stated in the letter that, under the Rules, the Company has 45 calendar days to submit a plan to regain compliance. If the Staff accepts the Company’s plan, the Staff can grant an extension of up to 180 calendar days from March 13, 2024 to evidence compliance.

The Company plans to provide the Staff prior to April 24, 2024 with the Company’s plan to regain compliance. In the event the company’s compliance plan is not accepted, the Company may appeal the determination to a Hearings Panel.

The Notice has no immediate effect on the Company’s Nasdaq listing, and its common stock will continue to be listed under the symbol “KAVL”.

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