Powell Max Limited Appoints Four Directors to Regain Nasdaq Audit Compliance
Powell Max Limited regained compliance with Nasdaq audit committee requirements under Listing Rule 5605(c)(2) by appointing four independent directors: Andrew Hancox, Phillip Balatsos, Caroline Castleforte and Lourdes Felix. Nasdaq staff confirmed the company met governance standards in a letter dated February 12, 2026, closing the matter.
1. Nasdaq Audit Committee Non-Compliance Notice
On February 5, 2026, Nasdaq staff notified Powell Max Limited of its non-compliance with Listing Rule 5605(c)(2) audit committee requirements due to insufficient independent directors. The company disclosed the notice in a Form 6-K filed on February 10, 2026.
2. Appointment of Independent Directors
To address the notice, Powell Max appointed Andrew Hancox, Phillip Balatsos, Caroline Castleforte and Lourdes Felix to its Board of Directors and Audit Committee, ensuring a majority of independent members under the rule.
3. Nasdaq Compliance Confirmation
Following the board appointments, Nasdaq staff reviewed the information and, in a letter dated February 12, 2026, confirmed the company now meets the audit committee composition requirements and closed the compliance matter, maintaining its Nasdaq Capital Market listing.