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NioCorp Developments Ltd. (NASDAQ:NB), whose stock has seen a significant 135% surge over the past six months according to InvestingPro data, reported Monday that it has regained compliance with Nasdaq Stock Market LLC audit committee requirements after recent changes to its board of directors, according to a press release statement based on a filing with the Securities and Exchange Commission.
The company disclosed that Michael Morris, a member of its board of directors, passed away on July 20. Mr. Morris had served as an independent director since July 2014, including roles as Lead Director, Chair of the Compensation Committee, Chair of the Nominating and Corporate Governance Committee, and member of the Audit Committee.
Following Mr. Morris’s passing, NioCorp notified Nasdaq that its Audit Committee was reduced to two independent directors, falling below the minimum of three independent directors required by Nasdaq Listing Rule 5605(c)(2)(A). Under Nasdaq Listing Rule 5605(c)(4)(B), the company was granted a cure period to regain compliance until the earlier of its next annual meeting of shareholders or July 20, 2026. If the next annual meeting is held no later than January 16, 2026, the compliance deadline would be January 16, 2026.
On Monday, the board appointed Dean Kehler, a current director, to fill the vacancy on the Audit Committee, effective immediately. With Mr. Kehler’s appointment, NioCorp stated it believes it now meets the audit committee composition requirements set forth by Nasdaq.
NioCorp’s common shares and warrants (NASDAQ:NIOBW) are listed on the Nasdaq Stock Market LLC. The information is based on a press release statement and details from the company’s SEC filing.
In other recent news, NioCorp Developments Ltd. announced its plans to accelerate activities at the Elk Creek Critical Minerals Project after successfully raising approximately $60.7 million over the past three months. This funding includes an $18.9 million public equity offering that closed on April 21, 2025, and a subsequent $41.8 million offering that closed on July 18, 2024. The company also recently completed a public offering of 13,850,000 common shares at $3.25 per share, generating approximately $45 million in gross proceeds. Maxim Group LLC served as the sole placement agent for this transaction. The proceeds from this offering are intended to support the construction of the Elk Creek Project in Southeast Nebraska, which focuses on producing niobium, scandium, and titanium. Additionally, NioCorp reported the passing of Michael Morris, a long-serving board member since 2014. Morris held significant roles on the board, including Lead Director and member of several committees. These developments highlight NioCorp’s ongoing efforts to advance its critical minerals initiatives.
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