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CareCloud, Inc. (NASDAQ:CCLD) reported to the Nasdaq Stock Market on Monday that, following the death of independent director John N. Daly, the company is no longer in compliance with certain Nasdaq listing requirements. The information was disclosed in a press release statement and detailed in a filing with the Securities and Exchange Commission.
According to the filing, Mr. Daly, who served as a member of the Audit Committee and chairman of the Compensation Committee, passed away on Monday. As a result, CareCloud’s board no longer consists of a majority of independent directors, as required by Nasdaq Listing Rule 5605(b)(1). Additionally, the Audit Committee now has fewer than the minimum three members required under Nasdaq Listing Rule 5605(c)(2)(A).
On Tuesday, CareCloud received a letter from Nasdaq confirming the company’s eligibility for a cure period. Under Nasdaq rules, CareCloud has until the earlier of its next annual shareholder meeting or November 24, 2026, to regain compliance by appointing an additional independent director to the board and Audit Committee.
The company stated that its board plans to fill the vacancy and restore compliance with Nasdaq’s listing standards at the earliest opportunity.
Mr. Daly had served on CareCloud’s board since July 2014. CareCloud’s common stock and 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock continue to trade on the Nasdaq Global Market under the symbols CCLD and CCLDO, respectively.
This update is based on a press release statement and the company’s SEC filing.
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