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Last $4.00 USD
Change Today +0.3126 / 8.48%
Volume 22.8K
As of 2:38 PM 04/1/15 All times are local (Market data is delayed by at least 15 minutes).

premier exhibitions inc (PRXI) Key Developments

Premier Exhibitions, Inc. Receives Non-Compliance Notice From NASDAQ

As previously announced, on March 16, 2015, Jack H. Jacobs notified Premier Exhibitions, Inc. of his resignation from the Board of Directors of the company, effective immediately. On March 25, 2015, the company received a letter from the NASDAQ indicating that due to Mr. Jacobs’ resignation, the company no longer complies with the NASDAQ’s audit committee requirements as set forth in Listing Rule 5605. Consistent with Listing Rule 5605(c)(4), the NASDAQ will provide the company a cure period in order to regain compliance as follows: (a) until the earlier of the company’s next annual shareholders’ meeting or March 16, 2016; or (b) if the next annual shareholders’ meeting is held within six months of Mr. Jacobs’ resignation date, then the company will be required to evidence compliance no later than September 14, 2015. The company expects to add an additional director to the Board in the near term in order to have the Audit Committee composed of three independent directors.

Premier Exhibitions, Inc. Announces Resignation of Jack H. Jacobs from the Board of Directors

On March 16, 2015, Jack H. Jacobs notified Premier Exhibitions Inc. of his resignation from the board of directors of the company, effective immediately. Mr. Jacobs has not stated to the company that his resignation was due to any disagreement with the company. Following Mr. Jacobs' resignation, the company's Audit Committee currently consists of only two members, Douglas Banker and Rick Kraniak.

Premier Exhibitions, Inc. Not In Compliance With NASDAQ Listing Rule 5605(c)(2)(A)

On March 16, 2015, Jack H. Jacobs notified Premier Exhibitions, Inc. of his resignation from the Board of Directors of the Company, effective immediately. Following Mr. Jacobs’ resignation, the company’s Audit Committee currently consists of only two members, Douglas Banker and Rick Kraniak. On March 20, 2015, the company notified the NASDAQ Stock Market LLC that the company is currently not in compliance with the NASDAQ Listing Rule 5605(c)(2)(A), which requires that the audit committee of a listed company be composed of at least three independent directors and have an audit committee financial expert. The company’s audit committee does not currently have a member whom the Board has determined to be an audit committee financial expert. The company expects to add an additional director to the Board in the near future in order to meet the NASDAQ listing requirements described above.

Update On PRXI Exploring Strategic Options

As previously announced, Premier Exhibitions Inc. (NasdaqCM:PRXI)'s Board is currently exploring all strategic and financing options. The Board is currently in advanced discussions with a potential strategic partner and is considering several other financing alternatives. The company expects to have more news to report in the near future.

Premier Exhibitions Approves Amendment to Articles of Incorporation

Premier Exhibitions Inc. announced that at the AGM of the company held on February 26, 2015, shareholders approved a resolution authorizing the Board of Directors to amend the Company's Articles of Incorporation to implement a reverse stock split of the Company's common stock at a ratio of 1-for-10.

 

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