Weebit Nano has elevated its company secretary to its board, resolving a governance shortfall that caused shares in the chip manufacturer to be suspended when director Fred Bart resigned on Tuesday and the company couldn’t meet its statutory quota of board members.

The installation of an acting director ends a bizarre chapter for Weebit Nano, one of the fastest rising stocks on the ASX this year. Mr Bart’s abrupt resignation, effective immediately, left the board without enough Australian directors – at least two Australian residents – to comply with the Corporations Act.