By Chris Wack 



  Elbit Systems Ltd. shares were down 5% to $138.61 after the company said it has received a notice of deficiency from the Nasdaq Stock Market LLC notifying the company that it isn't in compliance with Nasdaq Listing Rule 5605(b)(1), which requires that a majority of the board of directors of a listed company be persons who qualify as independent directors under Nasdaq's listing rules. 


  As a result of the June 17 resignation by Moshe Kaplinsky, who was an independent director, the company's board of directors consists of an equal number of independent and non-independent directors. 


  On June 17, Elbit Systems reported Mr. Kaplinsky's resignation, its notice to Nasdaq that the company would be temporarily out of compliance with the independent directors majority requirement, and its intent to promptly proceed with the process of identifying a suitable candidate for election as a director and convening a shareholders meeting for his or her election, within the period contemplated by Nasdaq's Listing Rules. 


  The notice does not affect the company's listing on the Nasdaq Global Select Market at this time. Elbit Systems has to fix the deficiency by the earlier of its next annual shareholders meeting or one year from the event that caused the deficiency. 


  Elbit Systems also is listed on the Tel Aviv Stock Exchange, and the notice doesn't affect the company's status there. 


  Write to Chris Wack at chris.wack@wsj.com