RiskOn International, Inc., headquartered in San Antonio, Texas, has been notified by the Nasdaq Listing Qualifications staff of a violation of the Nasdaq's voting rights rule due to the issuance of Series D Convertible Preferred Stock. The violation concerns the terms of the Preferred Stock, which was issued in exchange for the cancellation of over $15 million in cash advances from Ault Alliance, Inc. to RiskOn International. The Preferred Stock, with a conversion price subject to adjustments, could potentially convert into common stock at a discount and carries voting rights that may exceed those of common stockholders. This situation has led to a third violation notice for RiskOn International and serves as an additional basis for the potential delisting of...Show More

RiskOn International, Inc., headquartered in San Antonio, Texas, has been notified by the Nasdaq Listing Qualifications staff of a violation of the Nasdaq's voting rights rule due to the issuance of Series D Convertible Preferred Stock. The violation concerns the terms of the Preferred Stock, which was issued in exchange for the cancellation of over $15 million in cash advances from Ault Alliance, Inc. to RiskOn International. The Preferred Stock, with a conversion price subject to adjustments, could potentially convert into common stock at a discount and carries voting rights that may exceed those of common stockholders. This situation has led to a third violation notice for RiskOn International and serves as an additional basis for the potential delisting of the company's common stock from the Nasdaq. The company's appeal regarding a prior delisting determination will be heard by a Hearings Panel on February 29, 2024. Despite the notice, RiskOn International's common stock will continue to be listed and traded on The Nasdaq Capital Market, pending compliance with the Letter and other listing requirements.