Heelys reacts to Nasdaq compliance letter

US: Heelys reacts to Nasdaq compliance letter

By just-style.com | 24 January 2008

Wheeled shoe firm Heelys is seeking a new independent director after receiving a "Nasdaq Staff deficiency letter" last week saying the company no longer complies with a marketplace rule.

The Nasdaq audit committee requirement, as set forth in Marketplace Rule 4350, requires Heelys to have an audit committee of at least three members. However, it presently has two as a result of James Kindley's resignation from the board of directors, the company said.

Nasdaq has requested the company provide, on or before 16 June, documentation evidencing compliance with the marketplace rule.

Mike Staffaroni, Heelys president and chief executive officer, said "We have initiated a search for a new independent director and we intend to be fully compliant as soon as possible."

Sectors: Apparel, Finance, Footwear

Companies: Heelys