WEST HOLLYWOOD CA (CelebrityAccess MediaWire) — Ticketmaster Entertainment, Inc. announced Thursday April 2nd, that it received a letter from The NASDAQ Stock Market notifying the company that it no longer complies with NASDAQ's audit committee requirements as set forth in Marketplace Rule 4350(d)(2), which requires Ticketmaster to have an audit committee composed of at least three "independent directors" (as defined in NASDAQ Marketplace Rule 4200(a)(15)). Following the resignation of Julius Genachowski from Ticketmaster's Board of Directors on March 12, 2009, Ticketmaster was left with only two independent directors serving on its audit committee.
NASDAQ Marketplace Rule 4350(d)(4) provides a cure period for Ticketmaster to regain compliance with NASDAQ's audit committee composition requirements. This cure period will run through the earlier of Ticketmaster's next annual meeting of shareholders or March 12, 2010, or, if Ticketmaster's next annual meeting of shareholders is held before September 8, 2009, through September 8, 2009.
During the cure period, Ticketmaster common stock will continue to trade on NASDAQ, subject to Ticketmaster 's continued compliance with other NASDAQ listing requirements. Ticketmaster is currently addressing the need for a third audit committee member and expects to regain compliance with NASDAQ's audit committee composition requirements within the cure period. –by CelebrityAccess Staff Writers