China MediaExpress (CCME) Recieves Noncompliance Letter from Nasdaq
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China MediaExpress Holdings, Inc. (Nasdaq: CCME) reports that it has received a notification from the NASDAQ Stock Market to the effect that as a result of the resignation of Marco Kung from the board of directors of the Company effective April 7, 2011, the Company no longer complies with Nasdaq Rule 5605(c)(2)(A), which requires that the Company's audit committee consist of three independent directors.
The NASDAQ Staff exercised its discretionary authority under Listing Rule 5101 to deny the Company a cure period to regain compliance with the audit committee composition requirement.
The NASDAQ Staff exercised its discretionary authority under Listing Rule 5101 to deny the Company a cure period to regain compliance with the audit committee composition requirement.
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