Shore Bancshares flags Nasdaq audit committee independence breach tied to $10,555 legal payments

Shore Bancshares notified Nasdaq of a breach of audit committee independence rules under Listing Rule 5605(c)(2).

The issue stemmed from $10,555 paid by its bank unit to a law firm where director Louis P. Jenkins, Jr. is a partner. The payments covered legal work from February to April 2026 while Jenkins served on the audit committee.

Jenkins resigned from the audit committee effective July 16, 2026 to remedy the noncompliance. The audit committee now has four members, all meeting the Nasdaq rule’s independence requirements.