Educational Development Corporation announced that on November 10, 2023, Mr. John A. Clerico provided notice of his resignation from the Board of Directors effective November 10, 2023. John A. Clerico was a Class III Director elected to serve through the 2025 annual meeting of shareholders and served as the Company?s Audit Committee Chair, Compensation Committee Chair and Governance Committee Chair. Mr. Clerico failed to confirm any circumstances surrounding his resignation.

A copy of the notice from Mr. Clerico is furnished herewith as Exhibit 99.2 and is incorporated herein by reference. A copy of this filing will be sent to Mr. Clerico and any future response from him will be subsequently disclosed and furnished in an 8-K filing. His service as a member of the Board of Directors since 2004 has been appreciated by the Company and it's management team.

The Board made no decision to replace Mr. Clerico as of the date of this filing. Brad Stoots, an existing Board member and financial expert, has agreed, effective November 10, 2023, to perform the duties of the Audit Committee Chair, Compensation Committee Chair and Governance Chair. Following the resignation of Mr. Clerico, the Company?s Board of Directors consists of two independent and two non-independent directors, which fails to meet the NASDAQ listing requirements of a majority of independent directors.

Under NASDAQ guidelines, the Company has until the earlier of its next annual shareholders meeting or 180 days following the resignation to cure this deficiency. The Board expects to add another independent board member within the cure period.