NEW YORK – Oncocyte said Friday that it has received a notice from the Nasdaq stating that it had lost and then regained compliance with its listing requirement pertaining to rules about the makeup of a company's board of directors.
The company fell out of compliance with the rules as a result of the passing away of director Alfred Kingsley on April 25, 2024. In a filing with the US Securities and Exchange commission, Oncocyte said that the rules in question require a majority of a company's board of directors to be comprised of independent directors. They also require the board's audit committee to consist of at least three members who meet the heightened independence standards.
Nasdaq notified Oncocyte that it concluded the company has subsequently regained compliance with the rules as a result of its determination, effective July 1, 2024, that existing director and newly appointed audit committee member Andrew Arno qualified as appropriately independent.