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SYMM > SEC Filings for SYMM > Form 8-K on 11-Jun-2013All Recent SEC Filings

Show all filings for SYMMETRICOM INC | Request a Trial to NEW EDGAR Online Pro



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

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

As disclosed in its Current Report on Form 8-K filed on May 1, 2013, Symmetricom, Inc. (the "Company") announced that Elizabeth A. Fetter was appointed the Company's Chief Executive Officer effective as of April 29, 2013. Concurrently with this appointment, Ms. Fetter resigned from the Audit Committee of the Company's Board of Directors (the "Board"). As a result of Ms. Fetter's resignation from the Audit Committee, the Audit Committee had two members. Rule 5605 of the NASDAQ Listing Rules (the "Listing Rules") generally requires that all listed companies' audit committees have at least three members, although Listing Rule 5605(c)(4)(B) provides a specified cure period to fill any Audit Committee vacancy created by the resignation of an audit committee member.

On June 5, 2013, the Company received a letter from NASDAQ noting that the Company no longer complied with the requirement of Listing Rule 5605. The letter also acknowledged that the Listing Rules provide a cure period in order for the Company to regain compliance until the earlier of the Company's next annual meeting of stockholders or April 29, 2014 (or, by October 28, 2013, if such meeting is held before October 28, 2013).

On June 10, 2013, the Board appointed Mr. James A. Chiddix, who is currently the Chairman of the Board, to the Audit Committee to fill the vacancy created by Ms. Fetter's resignation of her committee membership. As a result, the Audit Committee again has three members, and is fully compliant with Listing Rule 5605 within the cure period provided by that rule.

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