CISO Global Faces Nasdaq Compliance Issue and Board Changes

CISO Global Inc. (NASDAQ: CISO) is facing a compliance issue with the Nasdaq Stock Market LLC, as outlined in the filing dated January 8, 2025. The company recently received a notification letter from the Listing Qualifications Staff of Nasdaq stating that due to not holding an annual shareholder meeting within twelve months of the end of its December 31, 2023 fiscal year, CISO Global is currently not in compliance with Nasdaq rules for continued listing (Listing Rules 5620(a) and 5810(c)(2)(G).

Although this notification has no immediate impact on CISO Global’s securities listing on the Nasdaq Capital Market, the company is required to submit a plan to regain compliance within 45 calendar days. If Nasdaq accepts the plan, an exception could be granted allowing up to 180 calendar days from the most recent fiscal year end or until June 30, 2025, to comply. To address this issue, CISO Global intends to file a definitive proxy statement in the forthcoming weeks for an annual meeting scheduled in March 2025.

Additionally, the filing reported changes within the Board of Directors. Following an agreement made with certain investors, Phillip Balatsos, Mohsen (Michael) Khorassani, and Andrew Hancox have been appointed as new board members, effective January 8, 2025. These appointments were part of the Securities Purchase Agreement entered into on December 10, 2024. Simultaneously, previous board members Debra Smith, Robert C. Oakes, Reid S. Holbrook, Brett Chugg, and Ernest M. (Kiki) VanDeWeghe submitted resignation letters, which were accepted by the Board.

Phillip Balatsos, Mohsen (Michael) Khorassani, and Andrew Hancox bring diverse backgrounds and extensive experience in finance, business development, and operations, making them well-suited to lead CISO Global. The company highlighted Balatsos’ achievements in FX sales and trading, Khorassani’s tenure in corporate advisory services, and Hancox’s track record in investments and strategy.

As of now, none of the appointed directors have family relationships with existing officers or directors of CISO Global, and there are no related party transactions with respect to the new board members reportable under Regulation S-K Item 404(a). The compensatory arrangements for Balatsos, Khorassani, and Hancox serving as directors are yet to be determined.

These recent developments mark a transitional period for CISO Global, as it navigates compliance challenges with Nasdaq and welcomes new leadership to support its growth and strategic direction. Investors and stakeholders will be closely monitoring how the company progresses in the coming months.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CISO Global’s 8K filing here.

About CISO Global

CISO Global Inc operates as a cybersecurity and compliance company in the United States, Chile, and internationally. The company offers security managed services, including compliance, secured managed, and cyber defense operation services; culture education and enablement; tools and technology provisioning; data, privacy, regulations, and compliance monitoring; remote infrastructure administration; and antivirus and patch management services.