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EAST RESOURCES ACQUISITION COMPANY

(ERES)
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EAST RESOURCES ACQUISITION CO : Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing (form 8-K)

04/08/2021 | 05:02pm EDT

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard? Transfer of Listing.

East Resources Acquisition Company (the "Company") is saddened to report that Allen F. Sobol, a member of the Board of Directors (the "Board") of the Company, passed away on April 4, 2021. Mr. Sobol served as an independent member and the chairman of the Board's Audit Committee and as an independent member of the Board's Compensation Committee.

On April 6, 2021, the Company notified the Nasdaq Stock Market ("Nasdaq") of Mr. Sobol's death that, because of the loss, the Company is temporarily not in compliance with the continued listing requirements as set forth in Nasdaq Listing Rules 5605(b)(1), 5605(c)(2)(A) and 5605(d)(2)(A) regarding the composition of the Board, Audit Committee and Compensation Committee, respectively, because a majority of the Board is not comprised of independent directors, the Audit Committee is not comprised of at least three independent directors and the Compensation Committee is not comprised of at least two independent directors.

In accordance with Nasdaq Listing Rules 5605(b)(1)(A), 5605(c)(4) and 5605(d)(4), the Company has an automatic cure period in order to regain compliance with Nasdaq Listing Rules 5605(b)(1), 5605(c)(2)(A) and 5605(d)(2)(A), respectively. The Company expects to regain compliance with such rule by filling Mr. Sobol's vacancy on the Board, Audit Committee and Compensation Committee with a new independent director who satisfies the applicable requirements of the Nasdaq Listing Rules prior to the expiration of the cure period provided under Nasdaq Listing Rule 5605.

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