NEW YORK (GenomeWeb News) – Accelrys said on Friday that it has been notified by Nasdaq that the company does not comply with a listing requirement that its audit committee be comprised of three independent directors.
The San Diego-based firm received written notification from Nasdaq on June 4, Accelrys said in a document filed with the US Securities and Exchange Commission. The non-compliance results from Kenneth Coleman's decision not to seek re-election to the company's board for personal reasons. Coleman is a member of Accelrys' audit committee and his decision leaves the firm short of Nasdaq's three-person requirement.
Accelrys has until the company's next shareholder meeting on May 30, 2014 to provide evidence to Nasdaq that it fulfills the listing requirement. If the shareholder meeting is held before Nov. 26, 2013, Accelrys has until that date to provide its evidence, though Accelrys said it doesn't have plans to hold its shareholder meeting before Nov. 26.
It is currently identifying candidates to replace Coleman, Accelrys said.