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DAVE > SEC Filings for DAVE > Form 8-K on 18-Jun-2014All Recent SEC Filings

Show all filings for FAMOUS DAVES OF AMERICA INC



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.

On May 21, 2014, Lisa A. Kro and Richard L. Monfort resigned as members of the Board of Directors of Famous Dave's of America, Inc. (the "Company"), and as members of the Company's audit committee. These resignations were previously disclosed on a Current Report on Form 8-K filed with the SEC on May 23, 2014. NASDAQ Rule 5605(c)(2) requires that a listed company have an audit committee comprised of at least three members, each of whom must satisfy applicable independence criteria. As a result of the resignations referred to above, the Company's audit committee is currently comprised of only two directors who satisfy the applicable independence criteria.

In accordance with NASDAQ rules, the Company alerted NASDAQ of this deficiency on June 12, 2014. By letter, also dated June 12, 2014, the Company received a notice from The NASDAQ OMX Group acknowledging that the Company no longer complies with NASDAQ Listing Rule 5605 and confirming that, in accordance with NASDAQ Listing Rule 5605(c)(4), it will provide the Company with a cure period in order to regain compliance either:

until the earlier of the Company's next annual shareholders' meeting or May 23, 2015; or

if the next annual shareholders' meeting is held before November 19, 2014, then the Company must evidence compliance no later than November 19, 2014.

The NASDAQ notification has no immediate effect on the listing of the Company's common stock.

The Company intends to appoint another director who meets the applicable independence requirements to its audit committee and expects to regain compliance with NASDAQ Rule 5605(c) within the cure period.

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