TON Strategy Receives Reprimand from Nasdaq for Listing Rule Violations

According to PANews, TON Strategy disclosed in an 8-K filing with the U.S. Securities and Exchange Commission that it received a reprimand letter from the Nasdaq Stock Market's Listing Qualifications Department on October 28. The letter cited violations of Nasdaq Listing Rules 5635(a) and 5635(b), which pertain to shareholder approval requirements. The department determined that while the company failed to comply with these rules, the violations did not appear to be an intentional attempt to evade compliance. Consequently, the department deemed a reprimand letter, rather than delisting the company's securities, as the appropriate course of action. TON Strategy's stock will continue to be listed on Nasdaq, and the issuance of the reprimand letter signifies the resolution of these matters.