Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously reported by
On
• The first letter indicated that the Company no longer complied with Nasdaq's audit committee requirements as set forth in Listing Rule 5605, which, among other criteria, requires that the Company's Audit Committee be composed of at least three independent directors. Nasdaq confirmed that the Company is eligible to rely on the cure period provided by Listing Rule 5605(c)(4), which permits the Company to temporarily operate in non-compliance with the audit committee composition requirement, provided the Company regains compliance either before the earlier of Company's next annual shareholders' meeting orNovember 15, 2020 . However, if the next annual shareholders' meeting is held beforeMay 13, 2020 , then the Company must evidence compliance no later thanMay 13, 2020 . The Company intends to regain compliance with Listing Rule 5605 prior to the end of the cure period. • The second letter indicated that the Company no longer complied with Nasdaq's compensation and nominating committee phase-in requirements as set forth in Listing Rule 5615(c)(3), which requires that the Company's Compensation Committee andCorporate Governance and Nominating Committee be composed (i) of a majority of independent directors during the phase-in period and (ii) solely of independent directors following the phase-in period. Nasdaq stated that the Company has 45 calendar days to submit a plan to Nasdaq as to how it will regain compliance with Nasdaq's continued listing requirements. If Nasdaq accepts the plan, Nasdaq may grant the Company an extension of up to 180 calendar days fromNovember 22, 2019 to evidence compliance. If Nasdaq does not accept the Company's plan, the Company will have the opportunity to appeal that decision to aNasdaq Hearings Panel . The Company intends to submit a plan to Nasdaq in accordance with the letter and subsequently regain compliance with Listing Rule 5615(c)(3). 2
--------------------------------------------------------------------------------
© Edgar Online, source