08 Jan 2007
Death of Hoku Scientific board member Lloyd Fujie results in Nasdaq non-compliance
Fuel cell company Hoku Scientific has announced the death of one of its board members Lloyd Fujie.
Mr Fujie was formerly the chairman of the audit committee at the company.
His death means that Hoku is no longer in compliance with Nasdaq marketplace rules, as companies are required to have a majority of independent directors, and at least three independent members on its audit commission.
Following the confirmation of this non-compliance, Nasdaq has given the company until the end of June this year to find a replacement for Mr Fujie that will restore compliance.
Hoku said that its board was now beginning to recruit for a new independent director to serve as chairman of the audit committee.
The vacancy can only be filled through a majority vote by the remaining directors on the board.
© Adfero Ltd
Mr Fujie was formerly the chairman of the audit committee at the company.
His death means that Hoku is no longer in compliance with Nasdaq marketplace rules, as companies are required to have a majority of independent directors, and at least three independent members on its audit commission.
Following the confirmation of this non-compliance, Nasdaq has given the company until the end of June this year to find a replacement for Mr Fujie that will restore compliance.
Hoku said that its board was now beginning to recruit for a new independent director to serve as chairman of the audit committee.
The vacancy can only be filled through a majority vote by the remaining directors on the board.
© Adfero Ltd
Source: Adfero
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