Innovative Payment Solutions Inc (IPSI)

[Renegades17]

Independent board for uplisting



IMO, today's 8-k reflects another step in the uplisting process. I'm fairly certain the company wants to increase the number of independent board members and Nasdaq likely made that suggestion.

Prior to today's announcement, there were two company executives and I believe Mr. Corbett's daughter (or wife, I can't tell from the bio) out of a total of five members- clearly not independent. Novikov resigning frees up the necessary seat for a truly independent board. This is actually a positive for all concerned.

They could have increased the board size too, but it's hard, both in terms of time and money, to recruit new board members. You also have to compensate board members with money and/or stock, so that's not good for shareholders.