DDRX » Topics » Nasdaq Deficiency Letter

This excerpt taken from the DDRX 8-K filed Sep 29, 2005.

Nasdaq Deficiency Letter

 

The Company also announced that it had received a letter from The Nasdaq Stock Market Listing Qualifications Department advising it that it does not meet the audit committee requirements for continued listing on The Nasdaq Stock Market. Nasdaq Marketplace Rule 4350(d)(2) requires, in part, that an issuer have an audit committee composed of at least three independent directors. On July 15, 2005, the Company informed Nasdaq that Peter Churm, one of three members of the audit committee, had resigned as of that date. On September 22, 2005, the Company informed Nasdaq that Randy Powell, one of the remaining two members of the audit committee, had resigned effective September 21, 2005. Each of the directors cited personal reasons for their decisions and neither had any disagreement with the Company. Nasdaq has asked that the Company provide a specific plan and timetable to achieve compliance with the Rules on or before October 10, 2005. The Company is presently developing a plan to regain compliance.

 

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