Motorcar Parts of America Receives Non-Compliance Letter from NASDAQ Concerning Board Composition - aftermarketNews

Motorcar Parts of America Receives Non-Compliance Letter from NASDAQ Concerning Board Composition

MPA said it expects to fill vacancy and regain compliance in a timely manner.

LOS ANGELES — Motorcar Parts of America (MPA) has been notified by the NASDAQ that it is not presently in compliance with NASDAQ Marketplace Rules 4350(c)(1) and 4350(d)(2)(A) as a result of a vacancy caused by the recent resignation of Irv Siegel from its board of directors.

The NASDAQ Marketplace Rules require that a majority of its board of directors be comprised of independent members and its audit committee be comprised of three independent members.

The company received a NASDAQ Staff Deficiency Letter on Nov. 20, indicating its current non-compliance with the requirements of NASDAQ Marketplace Rules. The letter also indicated that NASDAQ will provide Motorcar Parts of America with the cure periods in accordance with its marketplace rules.

MPA is currently conducting a search for a new director who would meet the requirements of NASDAQ and be appointed to its board of directors and audit committee within the cure periods allowed under the NASDAQ Stock Market Rules.

The company’s bylaws require that committees of its board of directors consist of at least three members. It intends to meet the requirements of the company’s bylaws by either appointing a new director to serve on the committees that Siegel previously served on or by appointing other current members of the board of directors to serve on such committees.

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