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Quotes & Info
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| TGAL > SEC Filings for TGAL > Form 8-K on 17-Jun-2009 | All Recent SEC Filings |
17-Jun-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; T
On June 16, 2009, Tegal Corporation (the "Company") notified The NASDAQ Stock Market LLC that, due to the resignation of Edward A. Dohring from its Board of Directors (the "Board"), the Company no longer complies with NASDAQ's independent directors requirement for continued listing as set forth in NASDAQ Listing Rule 5606(b)(1) and NASDAQ's audit committee composition requirements for continued listing as set forth in NASDAQ Listing Rule 5605(c)(2)(A). The Company currently has four directors, only two of whom the Board has determined to be an "independent director" as such term is defined in NASDAQ Listing Rule 5605(a)(2).
In accordance with Rules 5605(b)(1)(A) and 5605(c)(4)(B) of the NASDAQ Listing Rules, the Company has until the earlier of its next annual stockholders' meeting or June 16, 2010 to regain compliance with the independent directors and audit committee composition requirements of the NASDAQ Listing Rules, provided that if its next annual stockholders' meeting is held on or before December 13, 2009, then the Company must regain compliance no later than December 13, 2009. The Company intends to evaluate candidates who are qualified to serve on the Board and the Audit Committee of the Board.
On June 15, 2009, the Board accepted the resignation of Edward A. Dohring as a member of the Board and as a member of all of the committees of the Board on which he served, effective as of June 16, 2009. Mr. Dohring's resignation is not related to any disagreement with the Company's operations, policies or practices.
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