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Frequently Asked Questions
  Under what circumstances is a cure period not provided to remedy corporate governance deficiencies?
Identification Number 115
As set forth in Listing Rule 5810(c)(2), a company is not provided a cure period and must provide a plan of compliance for violations of, among other things:
    • Majority independent board or audit committee composition requirements due to more than one vacancy on the board, or because more than one director ceases to be independent;
    • Code of Conduct;
    • Quorum;
    • Review of Related Party Transactions;
    • Shareholder Approval; and
    • Voting Rights.
The plan of compliance is due 45 days from the date that the company is notified. After reviewing the company's plan of compliance, Nasdaq may grant the company an extension of time, up to 180 calendar days from the date of the notification, to regain compliance. Note that, unlike the cure period under Listing Rule 5605, this 180 day extension is not automatic. Extensions of time may vary and are not granted in all cases.
Publication Date*: 7/31/2012 Mailto Link Identification Number: 115
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