Twenty One Capital Faces NYSE Compliance Deadline Due to Insufficient Independent Directors on Audit Committee

Twenty One Capital has been notified by the New York Stock Exchange that it must resolve the issue of insufficient independent directors on its audit committee by Friday, or it will be flagged as "below compliance standards." This issue arose after Tether acquired all of SoftBank's Class A shares and canceled the corresponding Class B shares on May 19th. Following the resignation of two directors nominated by SoftBank, only one independent director remained on the audit committee, falling short of the NYSE's requirement of two. Twenty One stated that it will appoint additional independent directors as soon as possible. The company, controlled by Tether, has hired Jack Mallers of Strike as its spokesperson. Its stock price has fallen 83% over the past year, and it holds approximately 43,500 bitcoins, valued at around $3.1 billion, while the company's total market capitalization is less than $2.5 billion.