NioCorp Developments Ltd. has addressed a regulatory issue following the passing of board member Michael Morris on July 20, 2025. Morris' death reduced the company's Audit Committee to two independent directors, leading to non-compliance with Nasdaq Listing Rule 5605(c)(2)$(A)$, which requires at least three independent directors. To rectify this, NioCorp appointed current director Dean Kehler to fill the vacancy and serve as the third independent member of the Audit Committee, effective immediately. This move is expected to bring the company back into compliance with Nasdaq's requirements.
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