Mill City Ventures III Ltd. has announced a regulatory issue following the unexpected passing of Mr. Laurence S. Zipkin on July 9, 2025. Mr. Zipkin was an independent director and played key roles in the company's Corporate Governance and Nominating Committee, Compensation Committee, and Audit Committee. His passing has led to the company no longer complying with Nasdaq Listing Rule 5605(b)(1) and 5605(c)(2), which require a majority of the board and the Audit Committee to consist of independent directors. The company has received a letter from Nasdaq regarding this non-compliance and must cure these deficiencies by either its next annual shareholder meeting or by July 9, 2026. Mill City Ventures III Ltd. plans to appoint a new independent director to restore compliance with Nasdaq's independence requirements before the end of the cure period.