Business Context and Reporting Period
This Form 6-K filing by Dragon Victory International Limited (associated with Metalpha Technology Holding Ltd) covers the month of June 2019. The report addresses regulatory compliance matters regarding the company's listing on the Nasdaq Capital Market.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a compliance report and does not contain financial statements or performance metrics.
Material Changes
The primary material change reported is the resolution of a regulatory compliance issue:
- Non-Compliance: On May 22, 2019, the company received notice from Nasdaq that it was non-compliant with Listing Rule 5605 regarding the requirement for a majority of independent directors and at least three independent directors on the audit committee.
- Resolution: On June 6, 2019, the company regained compliance with Nasdaq Listing Rules 5605(b)(1) and 5605(c)(2) following the appointment of Ms. Jingxin Tian. Nasdaq confirmed the matter was closed.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary on future operations. The primary risk addressed was the potential delisting due to governance structure deficiencies, which has been mitigated by the appointment of the new independent director.
Key Facts for Investor Verification
- Verify the current composition of the Board of Directors to ensure the majority independent director requirement remains met.
- Confirm the specific qualifications and independence status of Ms. Jingxin Tian as the newly appointed director.
- Monitor future filings for any recurrence of governance-related compliance notices from Nasdaq.