Next Digital Ltd and Apple Daily logos are display at the headquarters in Hong Kong, June 17, 2021. Photo: VCG

Next Digital, a media company founded and run by separatist Jimmy Lai said in an announcement on Sunday that all board members have resigned as of Sunday and shares of the company continued trading suspension.

The company's shares had been halted from trading since June 17and its bank accounts had been frozen. It faces a possibility of delisting on December 16, 2022 if it has been stopped from trading for 18 months, according to the rule of Hong Kong Exchanges (HKEX).

A number of senior officials of Next Digital have been arrested by Hong Kong police on suspicion of national security violations. Jimmy Lai, founder of the company is currently serving a jail term and is facing multiple national security charges.

Bank accounts of three affiliated companies under Next Digital were also frozen. 

The HKEX has required the company to provide detailed assessment to prove an adequate level of operations and assets to ensure its continued listing status.

Despite repeated requests from HKEX, the company was unable to provide a substantive response.