Griffin Announces Notice from Nasdaq
NEW YORK, June 24 /PRNewswire-FirstCall/ — Griffin Land & Nurseries,
Inc. (Nasdaq: GRIF) (”Griffin”) announced today 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.
Forward-Looking Statements:
This Press Release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act and Section 21E of the
Exchange Act. Although Griffin believes that its plans, intentions and
expectations reflected in such forward-looking statements are reasonable,
it can give no assurance that such plans, intentions or expectations will
be achieved. The projected information disclosed herein is based on
assumptions and estimates that, while considered reasonable by Griffin as
of the date hereof, are inherently subject to significant business,
economic, competitive and regulatory uncertainties and contingencies, many
of which are beyond the control of Griffin.
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[Via Real Estate Newswire]