Tweeter Home Entertainment Group (TWTR) Receives Deficiency Notice from NASDAQ
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Tweeter Home Entertainment (Nasdaq: TWTR) received a letter from NASDAQ's Listing Qualifications Department stating that, due to Mr. Mahoney's resignation, the Company no longer complies with NASDAQ's independent director and audit committee requirements set forth in Marketplace Rule 4350.
The letter also indicated, however, that consistent with Marketplace Rules 4350(c)(1) and 4350(d)(4), NASDAQ would provide the Company with a cure period in order to regain compliance, until the earlier of the Company's next annual meeting of shareholders or May 2, 2008.
The Company has initiated a search to find a suitable replacement for Mr. Mahoney, and expects that the vacancy on the board of directors and the audit committee caused by Mr. Mahoney's resignation will be filled prior to the end of the cure period provided by NASDAQ.
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