LITM - Snow Lake Lithium plunges after Nasdaq compliance warning

Snow Lake Lithium ( NASDAQ: LITM ) -24.2% in Monday's trading after disclosing late Friday it received a letter from Nasdaq saying the company is no longer in compliance with Nasdaq's audit committee requirement due to the removal of Nachum Labkowski from the company's audit committee earlier this month.

Labkowski, he was also removed as a member of the nominating and corporate governance committee, remains as an independent director on the company's board.

Snow Lake ( LITM ) is entitled to a cure period to regain compliance, which will expire on the earlier of the company's next annual shareholders' meeting or September 7.

The company said it is working with relevant authorities to remedy the issue and is conducting a search for a new director who meets Nasdaq's requirements.

Snow Lake ( LITM ) shares soared last Friday after announcing an MoU with Korean battery maker LG Energy Solution to supply lithium hydroxide for 10 years .

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