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| ISNS > SEC Filings for ISNS > Form 8-K on 9-Jan-2009 | All Recent SEC Filings |
9-Jan-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or S
(a) On January 5, 2009, Image Sensing Systems, Inc. (the "Company") notified NASDAQ staff that due to the death of Mr. Richard C. Magnuson, an independent director of the Company and a member of the Company's Audit Committee, the Company no longer complies with NASDAQ's audit committee composition requirements (Marketplace Rule 4350(d)(2)(A)) because it has two instead of three independent directors on its Audit Committee. On January 6, 2009, the Company received a letter from NASDAQ staff confirming that (i) the Company is not in compliance with NASDAQ's audit committee composition requirements and (ii) consistent with Marketplace Rule 4350(d)(4), the Company will have a cure period to regain compliance. The Company has until the earlier of the next annual meeting of shareholders or January 2, 2010 to regain compliance. However, if the Company's next annual meeting of shareholders is held before July 1, 2009, then the Company must evidence compliance no later than July 1, 2009.
On January 9, 2009, the Company issued a press release announcing that it had received the letter of non-compliance from NASDAQ. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
(d) Exhibits The following exhibit is hereby filed as part of this Current Report on Form 8-K:
99.1 Press release of Image Sensing Systems, Inc. dated January 9, 2009.
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