Paulson Capital (PLCC) Receives a Letter of Reprimand from the Staff of The Nasdaq

June 25, 2007 5:07 PM EDT
Paulson Capital Corp. (Nasdaq: PLCC), parent company to Paulson Investment Company, Inc., received a Letter of Reprimand from the Staff of The Nasdaq Stock Market LLC indicating that the Company has failed to satisfy the independent nominating committee requirements of Marketplace Rule 4350(c)(4)(A)(i) (the "Rule").

In reaching the determination, the Staff noted that prior to May 14, 2007, the Company did not possess a separate nominating committee comprised solely of independent directors as required by the Rule, but that this omission was corrected on or about May 14, 2007, when "the Company notified the Staff that it had adopted a board resolution establishing a standing nominations committee, thereby demonstrating compliance with the formal written charter or board resolution requirement." Specifically, current independent members of the Board of Directors -- Dr. Shannon Pratt, Paul Shoen and Stephen Kleemann -- will now serve as the sole, independent members of the nominating committee.

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