Premier Exhibitions: NASDAQ Notifies Company They Are Not In Compliance With Requirements

Photo:Luis Villa del Campo
Photo:Luis Villa del Campo

NASDAQ recently sent a letter of non-compliance to Premier Exhibitions (NASDAQ:PRXI) regarding the recent director resignations. Specifically they are out of compliance with the audit committee requirements which require the audit committee be comprised of three independent directors. They have to resolve it either at the next annual shareholder’s meeting or by 27 Aug 2015. However if the annual shareholders meeting is held before 23 Feb 2015, then they must show compliance on that date. Four directors resigned on 25 Aug 2014 and were replaced by Jack H. Jacobs and Rick Kraniak on the same day.

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