OCZ Gets Notice of Delisting From Nasdaq
OCZ Technology got a “Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard” by Nasdaq this afternoon since a member of the board of directors resigned and has not been replaced. OCZ has been provided with a cure period in order to regain compliance. OCZ was just listed on Nasdaq last month!
As previously reported in the Current Report on Form 8-K filed by OCZ Technology Group, Inc. (the “Company”) with the Securities and Exchange Commission, Mr. Sunit Saxena had resigned as a member of the Company’s Board of Directors (the “Board”) and as chairman of its Audit Committee effective as of May 6, 2010. The Company notified The Nasdaq Stock Market (“Nasdaq”) of Mr. Saxena’s resignation on the same date that the Company received the resignation notice. As expected, on May 11, 2010, the Company received a letter from Nasdaq, indicating that, as a result of Mr. Saxena’s resignation, the Company no longer complies with Nasdaq Listing Rule 5605, which requires that the Board be comprised of a majority of independent directors and that the Audit Committee be comprised of at least three independent directors. The Company currently has four directors, of whom two qualify as independent directors. The Company intends to comply with Nasdaq’s Board and audit committee requirements as set forth in Rule 5605 within the cure period provided by Nasdaq.
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