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TON Strategy disclosed that it received a reprimand letter from Nasdaq for violating shareholder approval requirements.
PANews, November 3 - According to an 8-K filing submitted to the U.S. 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 stem from an intentional effort to evade compliance. Therefore, the staff deemed it appropriate to issue a reprimand letter (rather than delist the company's securities). The company's stock will continue to be listed on Nasdaq, and the issuance of the reprimand letter indicates that these matters have been resolved.

