TON Strategy disclosed that it received a reprimand letter from Nasdaq for violating shareholder approval requirements.

PANews, November 3 - According to an 8-K document submitted to the SEC, TON Strategy disclosed that it received a reprimand letter from the Nasdaq Stock Market Listing Qualifications Staff on October 28. The staff determined that the company violated the shareholder approval requirements set forth in Nasdaq Listing Rules 5635(a) and 5635(b). The reprimand letter pointed out that, although the staff found the company to be non-compliant with the rules, these violations did not appear to be made with the intent to willfully evade compliance. Therefore, the staff deemed that issuing a reprimand letter (rather than delisting the company's securities) was an appropriate course of action. The company's stock will continue to be listed on Nasdaq, and the issuance of the reprimand letter means that these matters have been resolved.