Legacy Housing Corp (LEGH): Nasdaq/NYSE listing notice — Legacy Housing fails NASDAQ audit committee independence rule; plans cure by 2023 meeting

Legacy Housing Corp

Company notified NASDAQ it no longer meets Listing Rule 5605(c)(2)(A) requiring at least three independent directors on Audit Committee.
Joseph P. Lane resigned from Audit Committee but remains on Board as independent director.
Company will appoint a new independent director to Audit Committee at or before 2023 annual shareholders' meeting.
Cure period permitted under NASDAQ Rule 5605(c)(4)(B) allows time to regain compliance.

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Legacy Housing Corp received a nasdaq noncompliance notice notice regarding audit committee (rules 5605(c)(2)(A), 5605(c)(4)(B)).

Exchange: nasdaq
Notice: noncompliance notice
Deficiency: audit committee
Rules: 5605(c)(2)(A), 5605(c)(4)(B)

Exact text from the filing

April 20, 2023, Legacy Housing Corporation (the “Company”) notified the NASDAQ Global Select Market (“NASDAQ”) that it no longer satisfies NASDAQ Listing Rule 5605(c)(2)(A), which requires, among other things, that the Company’s Audit Committee consist of at least three Independent Directors. Despite having resigned from the Audit Committee, Joseph P. Lane continues to serve on the Company’s Board as an Independent Director. The Company will appoint a new Independent Director to serve on the Audit Committee at or prior to the 2023 annual shareholders’ meeting, as is permitted under NASDAQ List

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Legacy Housing Corp filing history →

Source: SEC EDGAR

accession 0001558370-23-006673

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