DHB Industries receives additional notice from Amex
10 Jun '06
4 min read
The notice of June 7th 2006 indicates that, in order to maintain its Amex listing, it must submit an updated plan of compliance to the Amex by June 16th 2006 advising the Amex of the action the company has taken, or will take, that demonstrates the company's ability to be in compliance with Sections 134, 1101 and 1003(f)(iii) of the Company Guide by no later than August 15th 2006. There is no assurance that the Amex will accept the company's plan, when submitted. If the plan is not accepted, it would be subject to delisting procedures.
Additionally, in order to assist the Amex in its review of the company's continued listing status and pursuant to the listing agreements by and between the company and the Amex, and Section 132(e) of the Company Guide, the Amex requests that it provide certain supplementary information to the Amex.
As previously disclosed, it is also not in compliance with (i) Section 121(B)(2)(a) of the Company Guide, which requires that each issuer have, and certify that it has and will continue to have, an Audit Committee of at least three members each of whom is independent and (ii) Section 121(B)(2)(a)(ii) of the Company Guide, which requires that each issuer have, and certify that it has and will continue to have, at least one member on its Audit Committee who is deemed financially sophisticated. As previously disclosed, the notice of May 16th 2006 from the Amex provides that the company has until August 30th 2006 to regain compliance with these sections.
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