T3 Motion receives NYSE non-compliance notice, accepts resignations of 2 members

theflyonthewall.com

T3 Motion announced that it received a letter on March 25 from NYSE MKT dated March 21 indicating that the company is not in compliance with certain of the Exchange's continued listing standards as set forth in Section 801(h) of the NYSE MKT Company Guide. Specifically, the appointment of one of the company's previously independent directors, William Tsumpes, as CEO and Interim CFO of T3 Motion, has resulted in greater than 50% of the directors on the company's board lacking independence; only three of seven directors were independent. In order to fully resolve this issue, the company has accepted the resignation of Rod Keller and Rob Thomsen effective immediately to ensure the company's compliance with Section 801(h) of the NYSE MKT Company Guide.

View Comments