Monarch Out Of Compliance With Listing Rules
Monarch Casino & Resort, Inc. (MCRI: 10.48 0.00%) have received notice from the Nasdaq Stock Market that they are in violation of listing rules 5605(b)(1) and 5605(c)(4)(A), after reporting that Charles Scharer, an independent member of the board of directors and member of the company’s audit committee had resigned on January 25.
Scharer parted ways with the gaming company due to time commitments related to other interests, however the rules requires that a majority of the board of directors be independent and that the audit committee be comprised of at least three members.
The Nasdaq stock exchange granted a cure period until July 26, 2010 to Monarch to allow them time to regain compliance with the Listing Rule.
Monarch has said they have begun a search for a replacement and fully intends to comply with the Nasdaq’s requirements prior to the expiration of the cure period.
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