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Stocks Z / Zoltek Companies, Inc.
|Subject: Needed a jolt.||Date: 9/2/2006 9:57 PM|
|Author: tenshuma||Number: 340 of 360|
"ITEM 3.01. NOTICE OF FAILURE TO SATISFY A CONTINUED LISTING
RULE OR STANDARD OR DELISTING; TRANSFER OF LISTING.
On July 27, 2006, Zoltek Companies, Inc. (the "Company") issued a press release announcing the resignation of John F. McDonnell from the Company's Board of Directors, and a copy of such press release is included as Exhibit 99 to this Current Report on Form 8-K. Mr. McDonnell served on the Company's audit committee, and following Mr. McDonnell's resignation, the Company's audit committee is comprised of two members, Charles A. Dill, Chairman, and James W. Betts. On August 3, 2006, the Company received a notice from The Nasdaq Stock Market ("Nasdaq") indicating that, as a result of the resignation of Mr. McDonnell, the Company is not in compliance with the audit committee requirement set forth in Nasdaq's Marketplace Rule 4350, which provides that the audit committee shall be comprised of at least three independent directors. Under Marketplace Rule 4350(d)(4), the Company is provided a cure period to regain compliance which extends until the earlier of the Company's next annual meeting of shareholders or August 1, 2007. If the Company does not regain compliance within such period, the Company's common stock will be subject to delisting from The Nasdaq National Market. The Company is undertaking steps to identify a new director or existing director to appoint to its audit committee, and the Company believes that it will be in compliance with the Nasdaq audit committee requirement within the applicable cure period."
Up almost 4 percent on the day!
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