IDEAL POWER INC. : Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing (form 8-K)

IPWR

On January 13, 2022, Ideal Power Inc. (the "Company") received correspondence from the Nasdaq Stock Market, Inc. ("Nasdaq") noting that the Company is no longer in compliance with Nasdaq's audit committee composition requirements as set forth in Listing Rule 5605(c)(2)(A), which requires the Company's Audit Committee to be composed of at least three independent directors (the "Notice"). The Notice is the result of the passing of David B. Eisenhaure on October 21, 2021. The passing of Mr. Eisenhaure has left the Audit Committee with only two independent directors.

The Notice also stated, among other things, that, pursuant to Listing Rule 5605(c)(4), the Company is entitled to a cure period to regain compliance with Listing Rule 5605(c)(2)(A), which cure period will expire (i) upon the earlier to occur of either the date of the Company's next annual stockholders' meeting or October 21, 2022, or (ii) if the next annual stockholders' meeting is held before April 19, 2022, then no later than April 19, 2022. The Board has engaged a search firm and is actively working to fill the vacancy left by Mr. Eisenhaure's passing, and the Company expects to be compliant with the audit committee composition requirements under Listing Rule 5605(c)(2)(A) by or before the end of the cure period.

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