Griffin Land & Nurseries, Inc. (Nasdaq: GRIF) announced that it received a letter from Nasdaq confirming that due to the recent death of Alan Plotkin, one of Griffin's independent directors and a member of Griffin's Audit Committee, Griffin no longer complies with Nasdaq's independent director and audit committee composition requirements as set forth in Nasdaq Marketplace Rule 4350.
Nasdaq requires that a majority of Griffin's Board of Directors be comprised of independent directors and that Griffin's Audit Committee be comprised of at least three "independent" (as defined in the Nasdaq Marketplace Rules) directors.
The letter stated that, consistent with Nasdaq Marketplace Rules 4350(c)(1) and 4350(d)(4), Nasdaq will provide Griffin a cure period in order to regain compliance.
The cure period will run through the earlier of Griffin's next annual meeting of stockholders or June 19, 2009, or if the next annual meeting of stockholders is held before December 16, 2008, then Griffin must evidence compliance no later than December 16, 2008. Prior to Mr. Plotkin's death, Griffin had been in compliance with Nasdaq's independent director and audit committee composition requirements as set forth in Marketplace Rule 4350.
Griffin operates a real estate business under its Griffin Land division and a landscape nursery business, Imperial Nurseries, Inc. Griffin also has investments in Centaur Media, plc, a public company based in the United Kingdom and listed on the London Stock Exchange, and Shemin Nurseries Holdings Corp., a private company that operates a landscape nursery distribution business through its subsidiary, Shemin Nurseries, Inc. -- Griffin Land & Nurseries, Inc.
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