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Company receives NASDAQ panel decision.
2003 MAY 14 - (NewsRx.com & NewsRx.net) -- Valentis, Inc. (NASDAQ:VLTS) received notification from the NASDAQ Listing Qualifications Panel on April 15, 2003, that its common stock will continue to be listed on The NASDAQ SmallCap Market via an exception from the independent director and audit committee composition requirements of NASDAQ Marketplace Rules 4350(c) and 4350(d)(2).
The NASDAQ Panel decided that one of the company's directors is not independent because his previous employer became an affiliate of Valentis within three years of the director leaving his position with that employer. Valentis believes it can resolve this issue readily.
The Panel also notified the company that it had not violated the shareholder approval requirements of NASDAQ Marketplace Rule 4350(i)(1)(A).
Valentis had previously received a NASDAQ Staff Determination Letter on March 28, 2002, stating that the company had not complied with NASDAQ's independent directors, audit committee composition, and shareholder approval requirements.
While the company failed to meet NASDAQ's independent director and audit committee composition requirements as of April 15, 2003, it was granted a temporary exception from these requirements ...
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Source: HighBeam Research, Company receives NASDAQ panel decision.