UEI - Universal Electronics Inc.
11/17/2023 | Press release | Distributed by Public on 11/17/2023 14:02
Failure to Satisfy Listing Rule - Form 8-K
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On November 14, 2023, Universal Electronics Inc. (the "Company") received a letter from the Listing Qualifications staff of The Nasdaq Stock Market ("Nasdaq") notifying the Company that, as a result of the resignation of a director, as previously disclosed, from the Company's Board of Directors and its Audit Committee, the Company is not in compliance with Nasdaq Listing Rule 5605, which requires that the Company's Audit Committee be comprised of at least three directors, all of whom are independent pursuant to the rules of Nasdaq and applicable law. The notification letter has no immediate effect on the Company's listing on the Nasdaq Global Select Market.
The Nasdaq letter further provided that, pursuant to Nasdaq Listing Rule 5605(c)(4), the Company is entitled to a cure period to regain compliance with Nasdaq Listing Rule 5605. We have advised the staff that we are relying on the cure period found in NASDAQ Listing Rule 5605(c)(4) and that we have already commenced our search for a new independent director who will have the requisite qualifications to serve on the Company's Audit Committee.
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