07/22/2021 | Press release | Distributed by Public on 07/22/2021 12:26
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On July 16, 2021, the Nasdaq Stock Market notified the Company that it was not in compliance with the Nasdaq's rules for continued listing because the Company no longer has a three member Audit Committee and no longer has a two member Compensation Committee, all as required by Nasdaq Rule 5605, due to the resignation of Mark D. Shefts from the Board of Directors, effective June 25, 2021.
Under rule 5605(c)(4), the Company has a grace period to secure a third independent Audit Committee member as follows:
|(i)||until the earlier of the next annual shareholder meeting or June 25, 2022; or|
|(ii)||if the next annual shareholder meeting is held before December 22, 2021, then the company must evidence compliance on or before December 22, 2021|
The Company's board of directors has informally approved the appointment of two new independent directors, subject to satisfactory completion of background checks. Once the Company secures at least one independent director, it will provide appropriate documentation to Nasdaq evidencing compliance with Nasdaq Rule 5605.