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| LIWA > SEC Filings for LIWA > Form 8-K on 15-Oct-2009 | All Recent SEC Filings |
15-Oct-2009
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or St
On October 14, 2009, Lihua International, Inc. (the "Company") notified The Nasdaq Stock Market LLC ("Nasdaq") that Mr. Su Liu, an independent director and member of the Audit, Nominating and Corporate Governance and Compensation Committees, resigned as a director effective as of October 11, 2009. As a result of Mr. Su Liu's resignation, the Company notified Nasdaq that it no longer complied with Nasdaq Marketplace Rule 5605 (the "Rule"), which requires that (i) a majority of the Board of Directors consist of independent directors, and (ii) the audit committee consist of at least three members. The Company intends to appoint a new independent director to fill the vacancy left by Mr. Su Liu's resignation.
The Company's Board of Directors has begun the process to cure its non-compliance with the Rule by identifying and evaluating potential candidates to serve as an independent director, as defined under the Rule, and as a member of the Audit, Nominating and Corporate Governance and Compensation Committees. Such potential candidate when appointed, in order to serve on the Audit Committee, will also (i) meet the criteria for independence set forth in Rule 10A-3(b)(1) under the Securities Exchange Act of 1934, as amended; (ii) not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three years; and (iii) be able to read and understand fundamental financial statements, including a Company's balance sheet, income statement, and cash flow statement.
Effective October 11, 2009, Mr. Su Liu, an independent director on the Board of Directors of the Company and a member of the Audit, Nominating and Corporate Governance and Compensation Committees resigned from the Board of Directors. No executive officer of the Company is aware of any disagreement between Mr. Su Liu and the Company on any matter relating to the Company's operations, policies or practices.
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