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Nasdaq warns Gauzy (NASDAQ: GAUZ) after loss of independent directors

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Gauzy Ltd. reported that Nasdaq has notified the company it is not in compliance with continued listing rules for board and committee independence after two directors resigned, leaving the board composed only of non-independent directors.

Under Nasdaq rules, Gauzy has 45 days, until March 20, 2026, to either appoint enough independent directors or submit a compliance plan. If Nasdaq accepts a plan, Gauzy could receive up to 180 days from the February 3, 2026 notice to regain compliance, though failure could ultimately lead to a delisting process.

The company states that trading of its ordinary shares on Nasdaq under ticker “GAUZ” continues without interruption and that it is actively seeking qualified independent director candidates. The press release also reiterates broader risks, including its ability to meet Nasdaq listing standards, secure funding, manage insolvency proceedings in France, and address ongoing operating losses and market uncertainties.

Positive

  • None.

Negative

  • Nasdaq noncompliance and delisting risk: Following the loss of two directors, Gauzy’s board and key committees no longer meet Nasdaq independence requirements, triggering a formal deficiency notice and potential delisting process if the company cannot regain compliance within specified timelines.

Insights

Nasdaq independence shortfall introduces real listing and governance risk for Gauzy.

Gauzy has fallen out of compliance with Nasdaq rules that require independent directors on the full board, audit committee, and compensation committee. The trigger was the resignation of two directors, leaving only non-independent board members, which directly violates Listing Rules 5605(b)(1), 5605(c)(2), and 5605(d)(2).

Nasdaq has given Gauzy until March 20, 2026 to restore compliance or submit an acceptable plan, with a potential extension of up to 180 days from the February 3, 2026 notice. If the plan is rejected or execution fails, the company could enter a formal delisting process, although a hearing would stay any suspension while it is pending.

The company emphasizes ongoing efforts to recruit independent directors and highlights wider risks such as continued listing, funding needs, insolvency proceedings in France, and a history of losses. Actual outcomes depend on Gauzy’s ability to attract suitable candidates and satisfy Nasdaq within the prescribed timeframes.

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the month of February 2026

 

Commission file number: 001-42124

 

GAUZY LTD.

(Translation of registrant’s name into English)

 

14 Hathiya Street

Tel Aviv, Israel

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒         Form 40-F

 

 

 

 

 

 

CONTENTS

 

Nasdaq Deficiency Letter

 

On February 3, 2026, Gauzy Ltd. (the “Company”) received a letter from the Listing Qualifications staff of The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it is not in compliance with Nasdaq’s continued listing requirements related to board and committee independence under Nasdaq Listing Rules 5605(b)(1), 5605(c)(2), and 5605(d)(2).

 

Under Nasdaq rules, Gauzy has 45 calendar days, until March 20, 2026, to either appoint sufficient candidates to its Board of Directors to meet the Nasdaq listing requirements or to submit to Nasdaq a plan to regain compliance. If Nasdaq accepts the Company’s plan, Nasdaq may grant an extension of up to 180 calendar days from the date of the notice for the Company to evidence compliance. If Nasdaq fails to accept a compliance plan presented by the Company, the Company will receive written notification that its securities are subject to delisting, and it would have the right to a hearing before an independent panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. The hearing request would stay any suspension or delisting action pending the conclusion of the hearing process. However, there can be no assurance, if the Company does appeal the determination by Nasdaq to the hearings panel, that such appeal would be successful.

 

The Company is actively engaged in the process of identifying and evaluating qualified independent director candidates and remains committed to maintaining strong corporate governance practices. However, there can be no assurances that the Company would ultimately be able to regain compliance with all applicable requirements for continued listing on Nasdaq in the applicable time period.

 

On February 6, 2026, the Company issued a press release announcing receipt of the deficiency letter. A copy of this press release is attached to this Report on Form 6-K (this “Report”) as Exhibit 99.1 and is incorporated herein by reference.

 

The information in this Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act , or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise set forth herein or as shall be expressly set forth by specific reference in such a filing.

 

1

 

 

EXHIBIT INDEX

 

Exhibit No.    
99.1   Press release dated February 6, 2026.

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Gauzy Ltd.
   
Date: February 6, 2026 By: /s/ Eyal Peso
  Name:  Eyal Peso
  Title: Chief Executive Officer

 

3

 

Exhibit 99.1

 

Gauzy Ltd. Announces Receipt of Nasdaq Notice Regarding Board Composition Requirements

 

Tel Aviv, Israel – February 6, 2026 – Gauzy Ltd. (NASDAQ: GAUZ) (“Gauzy” or the “Company”), a global leader in vision and light control technologies, today announced that it has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is not in compliance with Nasdaq’s continued listing requirements related to board and committee independence. This press release is issued pursuant to Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification. The notification has no immediate effect on the listing of the Company’s ordinary shares, which will continue to trade uninterrupted on Nasdaq under the ticker “GAUZ.”

 

The notice was issued following the recent resignations of two members of the Company’s Board of Directors, which resulted in the Board being comprised solely of non-independent directors. As a result, the Company does not currently meet the continued listing requirements under Nasdaq Listing Rules 5605(b)(1), 5605(c)(2), and 5605(d)(2), which relate to the composition of the Board of Directors and the audit and compensation committees.

 

Under Nasdaq rules, Gauzy has 45 calendar days, until March 20, 2026, to either appoint sufficient candidates to its Board of Directors to meet the Nasdaq listing requirements or to submit to Nasdaq a plan to regain compliance. If Nasdaq accepts the Company’s plan, Nasdaq may grant an extension of up to 180 calendar days from the date of the notice for the Company to evidence compliance. If Nasdaq fails to accept a compliance plan presented by the Company, the Company will receive written notification that its securities are subject to delisting, and it would have the right to a hearing before an independent panel pursuant to the procedures set forth in the applicable Nasdaq Listing Rules. The hearing request would stay any suspension or delisting action pending the conclusion of the hearing process. However, there can be no assurance, if the Company does appeal the determination by Nasdaq to the hearings panel, that such appeal would be successful.

 

The Company is actively engaged in the process of identifying and evaluating qualified independent director candidates and remains committed to maintaining strong corporate governance practices. However, there can be no assurances that the Company would ultimately be able to regain compliance with all applicable requirements for continued listing on Nasdaq in the applicable time period.

 

About Gauzy

 

Gauzy Ltd. is a fully-integrated light and vision control company, focused on the research, development, manufacturing, and marketing of vision and light control technologies that are developed to support safe, sustainable, comfortable, and agile user experiences across various industries. Headquartered in Tel Aviv, Israel, the company has additional subsidiaries and entities based in Germany, France, the United States, Canada, China, Singapore, and the United Arab Emirates. Gauzy serves leading brands across aeronautics, automotive, and architecture in over 60 countries through direct fulfillment and a certified and trained distribution channel.

 

 

 

Cautionary Statement Regarding Forward-Looking Statements

 

This press release contains forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements regarding Gauzy’s strategic and business plans, technology, relationships, objectives and expectations for its business, growth, the impact of trends on and interest in its business, intellectual property, products and its future results, operations and financial performance and condition and may be identified by the use of words such as “may,” “seek,” “will,” “consider,” “likely,” “assume,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “do not believe,” “aim,” “predict,” “plan,” “project,” “continue,” “potential,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” or their negatives or variations, and similar terminology and words of similar import, generally involve future or forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements reflect Gauzy’s current views, plans, or expectations with respect to future events and financial performance. They are inherently subject to significant business, economic, competitive, and other risks, uncertainties, and contingencies. Forward-looking statements are based on Gauzy’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict including, without limitation, the following: Gauzy’s ability to meet stock exchange continued listing standards and remain listed on Nasdaq; Gauzy’s ability to secure funding in order to maintain and support its operations; the outcome of the insolvency proceedings commenced in France and the overall impact they may have on the Company’s operations and financial condition; Gauzy invests significant effort and capital seeking validation of its light and vision control products with OEMs and Tier 1 suppliers, mainly in the aeronautics and automobile markets, and there can be no assurance that it will win production models, which could adversely affect its future business, results of operations and financial condition; failure to make competitive technological advances will put Gauzy at a disadvantage and may lead to a negative operational and financial outcome; Gauzy being an early growth-stage company with a history of losses and its anticipation that it expects to continue to incur significant losses for the foreseeable future; its operating results and financial condition have fluctuated in the past and may fluctuate in the future; it is exposed to high repair and replacement costs; it may not be able to accurately estimate the future supply and demand for its light and vision control products, which could result in a variety of inefficiencies in its business and hinder its ability to generate revenue; if it fails to accurately predict its manufacturing requirements, it could incur additional costs or experience delays; the estimates and forecasts of market opportunity and market growth it provides may prove to be inaccurate, and it cannot assure that its business will grow at similar rates, or at all; it may be unable to adequately control the capital expenditures and costs associated with its business and operations; it may need to raise additional capital before it can expect to become profitable from sales of its light and vision control products, which such additional capital may not be available on acceptable terms, or at all, and failure to obtain this necessary capital when needed may force it to delay, limit or terminate its product development efforts or other operations; shortages in supply, price increases or deviations in the quality of the raw materials used to manufacture its products could adversely affect its sales and operating results; its business, financial condition and results of operations could be adversely affected by disruptions in the global economy caused by the ongoing conflict between Russia and Ukraine; it is subject to, and must remain in compliance with, numerous laws and governmental regulations across various countries concerning the manufacturing, use, distribution and sale of its light and vision control products, and some of its customers also require that it complies with other unique requirements relating to these matters; if it is unable to obtain, maintain and protect effective intellectual property rights for its products throughout the world, it may not be able to compete effectively in the markets in which it operates; the market price of its ordinary shares may be volatile or may decline steeply or suddenly regardless of its operating performance, and it may not be able to meet investor or analyst expectations; its indebtedness could adversely affect its ability to raise additional capital to fund operations, limit its ability to react to changes in the economy or its industry and prevent it from meeting its financial obligations; it has limited operating experience as a publicly traded company in the United States; conditions in Israel could materially and adversely affect its business; and any other risks and uncertainties, including, but not limited to, the risks and uncertainties in the Company’s reports filed from time to time with the SEC, including, but not limited to, the risks detailed in the Company’s Annual Report on Form 20-F filed with the SEC on March 11, 2025. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. The inclusion of forward-looking statements in this or any other communication should not be considered as a representation by Gauzy or any other person that current plans or expectations will be achieved. Forward-looking statements speak only as of the date on which they are made, and Gauzy undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as otherwise required by law.

 

Contacts

Media:

Amanda Yevdaev
Gauzy Ltd.
press@gauzy.com

 

 

FAQ

What Nasdaq issue did Gauzy Ltd. (GAUZ) disclose in its Form 6-K?

Gauzy disclosed that Nasdaq notified the company it is not compliant with continued listing rules on board and committee independence. Two director resignations left the board composed only of non-independent members, violating Nasdaq Listing Rules 5605(b)(1), 5605(c)(2), and 5605(d)(2).

Does the Nasdaq deficiency notice immediately affect trading of Gauzy (GAUZ) shares?

The notice has no immediate effect on trading; Gauzy’s ordinary shares continue to trade on Nasdaq under ticker “GAUZ.” The deficiency relates to board and committee independence, and any suspension or delisting would follow only after further Nasdaq procedures and potential hearings.

What deadline did Nasdaq give Gauzy (GAUZ) to address its board independence shortfall?

Nasdaq gave Gauzy 45 calendar days, until March 20, 2026, to appoint sufficient independent directors or submit a plan to regain compliance. If Nasdaq accepts that plan, it may grant up to 180 calendar days from the February 3, 2026 notice for full compliance.

What happens if Gauzy (GAUZ) cannot satisfy Nasdaq’s board composition requirements?

If Gauzy’s plan is not accepted or it fails to regain compliance, Nasdaq can notify the company that its securities are subject to delisting. Gauzy would be entitled to a hearing, which would stay any suspension or delisting while the panel reaches a conclusion.

How is Gauzy responding to the Nasdaq board independence deficiency?

Gauzy states it is actively identifying and evaluating qualified independent director candidates and remains committed to strong governance practices. However, the company cautions there can be no assurances it will regain compliance with all Nasdaq listing requirements within the applicable time period.

What broader risks did Gauzy highlight alongside the Nasdaq notice?

Gauzy’s forward-looking statement discussion cites risks including maintaining Nasdaq listing standards, securing funding for operations, the outcome and impact of insolvency proceedings in France, ongoing operating losses, market demand uncertainties, raw material issues, regulatory compliance, intellectual property protection, indebtedness, and conditions in Israel.
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