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ATX > SEC Filings for ATX > Form 8-K on 25-Mar-2013All Recent SEC Filings

Show all filings for CROSS A T CO | Request a Trial to NEW EDGAR Online Pro

Form 8-K for CROSS A T CO


25-Mar-2013

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Tran


Item 3.01 - Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

(a) and (b)

Edward J. Cooney, a Class B member of the Board of Directors (the "Board") of
A.T. Cross Company (the "Company"), died unexpectedly on March 20, 2013. Mr. Cooney was Chairman of the Company's Audit Committee and an "audit committee financial expert" as defined by applicable rules of the Securities and Exchange Commission, and a member of the Company's Compensation Committee.

On March 22, 2013, the Company notified The NASDAQ Stock Marketplace LLC ("Nasdaq") that, as a result of Mr. Cooney's death, the Company is no longer in compliance with NASDAQ Marketplace Rule 5605(c)(2)(A), because the Audit Committee no longer has at least three members. Additionally, the Company is in the process of determining whether any other member of the Board meets the financial sophistication requirements set out in Rule 5605(c)(2)(A).

On March 22, 2013, the Company received a response letter from Nasdaq acknowledging the Company's non-compliance with Rule 5605. The Nasdaq letter further provided that, consistent with Rule 5605(c)(4), the Company shall have the following cure period to regain compliance: (i) until the earlier of the Company's next annual shareholders' meeting or March 20, 2014; or (ii) if the next annual shareholders' meeting is held before September 16, 2013, then the Company must evidence compliance no later than September 16, 2013.

The Company intends to regain compliance with Rule 5605 prior to the expiration of the cure period granted by Nasdaq.

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