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MCRI > SEC Filings for MCRI > Form 8-K on 14-May-2013All Recent SEC Filings

Show all filings for MONARCH CASINO & RESORT INC | Request a Trial to NEW EDGAR Online Pro



Notice of Delisting or Failure to Satisfy a Continued Listing Rule or

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

As reported on the Form 8-K filed by Monarch Casino & Resort, Inc. (the "Company") with the Securities and Exchange Commission on March 22, 2013, Ronald Zideck, an independent member of the board of directors of the Company (the "Board"), and the Chairman of the Company's audit committee, announced that he intended to retire from the Board and would not stand for election for an additional term. As such, Mr. Zideck's term expired after the annual stockholder meeting May 10, 2013.

On May 13, 2013, the Company received a notice from the Nasdaq Stock Market ("Nasdaq"), the stock exchange on which the Company's common stock is listed. Consistent with Listing Rules 5605(b)(1)(A) and 5605(c)(4), Nasdaq granted a cure period to allow the Company to regain compliance with Listing Rule 5605, which requires that a majority of the board of directors be independent and that the audit committee be comprised of at least three members.

The cure period granted by Nasdaq allows the Company to regain compliance as follows:

until the earlier of the Company's next annual shareholder's meeting or May 10, 2014; or

if the next annual shareholder's meeting is held before November 6, 2013, then the Company must evidence compliance no later than November 6, 2013.

Because the Company's does not intend to hold its next annual stockholder's meeting prior to November 6, 2013; therefore, the Company expects that the cure period granted by Nasdaq will end on May 10, 2014. The Company has begun a search for a replacement for Mr. Zideck and intends to comply with the Nasdaq requirements prior to the expiration of the cure period.

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