Nuvini (Nasdaq: NVNI) Announces Receipt of Notice of Deficiency from Nasdaq Resulting from Previously Announced Departure of Director

Rhea-AI Summary

Nvni Group Limited (Nasdaq: NVNI) received a notice of deficiency from Nasdaq due to the resignation of a board member, resulting in non-compliance with Nasdaq Listing Rule 5605(c)(2)(A). The company has been provided a cure period until December 30, 2024, or June 26, 2024, to regain compliance by appointing a third independent director to the board and audit committee.

Positive

• None.

Negative

• The deficiency cited by Nasdaq in the Notice is a negative aspect affecting the company's compliance with Nasdaq Listing Rule 5605(c)(2)(A).

NEW YORK, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Nvni Group Limited (Nasdaq: NVNI) (“Nuvini”), the leading serial acquirer of private SaaS B2B companies in Latin America, announced that it received a notice of deficiency (the “Notice”) from the Nasdaq Stock Market (“Nasdaq”).

The deficiency cited by Nasdaq in the Notice is the result of the previously-announced resignation of Mr. Randy Millian from the board of directors of the Company (the “Board”) and the audit committee of the Board. With the resignation of Mr. Millian, the Company is currently not in compliance with Nasdaq Listing Rule 5605(c)(2)(A) requiring three independent members on its audit committee.

The Notice indicated that, consistent with Nasdaq Listing Rule 5605(c)(4), Nasdaq will provide the Company a cure period in order to regain compliance until the earlier of the Company’s next annual shareholders’ meeting or December 30, 2024 or, if the next annual shareholders’ meeting is held before June 26, 2024, then the Company must evidence compliance no later than June 26, 2024. The Company is actively searching for an additional independent director and expects to fill the current vacancy and appoint a third independent director to the Board and the audit committee as soon as possible and within the cure period.

About Nuvini

Headquartered in São Paulo, Brazil, Nuvini is the leading private serial software business acquirer in Latin America. The Nuvini Group acquires software companies within SaaS markets in Latin America. It focuses on acquiring profitable “business-to-business” SaaS companies with a consolidated business model, recurring revenue, positive cash generation and relevant growth potential. The Nuvini Group enables its acquired companies to provide mission-critical solutions to customers within its industry or sector. Its business philosophy is to invest in established companies and foster an entrepreneurial environment that would enable companies to become leaders in their respective industries. The Nuvini Group’s goal is to buy, retain and create value through long-term partnerships with the existing management of its acquired companies. To date, Nuvini Group’s portfolio of SaaS companies consists of Effecti Tecnologia Web Ltda., Leadlovers Tecnologia Ltda., Ipê Tecnologia Ltda., Dataminer Dados, Informações e Documentos Ltda., OnClick Sistemas de Informação Ltda., Simplest Software Ltda. and SmartNX Tecnologia Ltda.

For more information, visit www.nuvini.co

Forward-Looking Statements

Some of the statements contained in this press release include or may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies regarding the future. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Nuvini. There can be no assurance that future developments affecting Nuvini will be those that we have anticipated. Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan,” “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements contained in this press release include, but are not limited to, statements about the ability of Nuvini to: realize the benefits expected from this strategic partnership; achieve projections and anticipate uncertainties relating to the business, operations and financial performance of Nuvini, including (i) expectations with respect to financial and business performance, including financial projections and business metrics and any underlying assumptions, (ii) expectations regarding market size, future acquisitions, partnerships or other relationships with third parties, (iii) expectations on Nuvini’s proprietary technology and related intellectual property rights, and (iv) future capital requirements and sources and uses of cash, including the ability to obtain additional capital in the future; enhance future operating and financial results; comply with applicable laws and regulations; stay abreast of modified or new laws and regulations applying to its business, including privacy regulation; anticipate rapid technological changes; and effectively respond to general economic and business conditions.

While forward-looking statements reflect Nuvini’s good faith beliefs, they are not guarantees of future performance. Nuvini disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. For a further discussion of these and other factors that could cause Nuvini's future results, performance or transactions to differ significantly from those expressed in any forward-looking statement, please see the section “Risk Factors” of the Form F-4 most recently filed by Nuvini with the U.S. Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Nuvini.

For further information or media inquiries regarding this partnership, please contact:

Nuvini Investor Contact
Camilla Carrapatoso
ir@nuvini.co

Nuvini Media Contact:
Gregory FCA for Nuvini
Matt McLoughlin
Senior Vice President
matt@gregoryfca.com 

FAQ

What is the ticker symbol for Nvni Group Limited?

The ticker symbol for Nvni Group Limited is NVNI.

What deficiency did Nvni Group Limited receive a notice for?

Nvni Group Limited received a notice of deficiency from Nasdaq due to the resignation of a board member, resulting in non-compliance with Nasdaq Listing Rule 5605(c)(2)(A).

What is the cure period provided by Nasdaq for Nvni Group Limited to regain compliance?

Nasdaq has provided a cure period until December 30, 2024, or June 26, 2024, for Nvni Group Limited to appoint a third independent director to the board and audit committee to regain compliance.

What steps is Nvni Group Limited taking to address the deficiency?

The company is actively searching for an additional independent director and expects to fill the current vacancy and appoint a third independent director to the Board and the audit committee as soon as possible and within the cure period.