Nixxy Appoints Elsa Sung CFO; Board Member Resigns; Faces Nasdaq Compliance Notice

Nixxy, Inc. has announced several leadership changes and a notice of non-compliance with Nasdaq listing standards in a filing dated August 31, 2026.

On August 31, 2026, the Board of Directors appointed Elsa Sung as Chief Financial Officer, effective immediately. Ms. Sung, age 52, currently serves as a member of the Board and will continue in that role. She has over 20 years of financial experience, including serving as CFO of Jiangbo Pharmaceuticals, Inc. (Nasdaq: JCBO), and has been a Managing Member of Canvas Group, Inc. since February 2017. In connection with her appointment, the Company entered into an employment agreement dated September 1, 2026. The agreement stipulates an annual base salary of $169,800 and an equity award of 100,000 stock units under the Company’s 2024 Equity Incentive Plan, with 50,000 units vesting immediately and the remainder vesting in equal quarterly installments over the following year.

Separately, the Board appointed Joe Conlon as a member of the Board and Chairman of the Audit Committee, effective immediately. Mr. Conlon was granted 50,000 shares of common stock under the 2024 Equity Incentive Plan, with 50,000 shares vesting in four even quarterly payments for each year of service. Concurrently, Ashissh Raichura resigned from the Board, and Elsa Sung resigned as Chairwoman of the Audit Committee.

In other business, the Company received a letter from Nasdaq on September 1, 2026, indicating it is not in compliance with the minimum bid price requirement of Listing Rule 5550(a)(2). The notice was triggered because the Company’s consolidated closing bid price has been below $1.00 per share for 30 consecutive business days. The Company has been granted a 180-calendar day grace period to regain compliance by achieving a closing bid price of at least $1.00 for ten consecutive business days. If the Company fails to meet this requirement, it may be eligible for a second 180-day period, provided it notifies Nasdaq of its intention to cure the deficiency, potentially through a reverse stock split.