AgroFresh Solutions, Inc. (NASDAQ:AGFS) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously announced, on December 22, 2017, Marc Lasry resigned from the board of directors (the “Board”) of AgroFresh Solutions, Inc. (the “Company”), effective as of December 26, 2017. Mr. Lasry was serving as a member of the Audit Committee of the Board prior to his resignation. On January 11, 2018, as a result of Mr. Lasry’s resignation, the Company received a customary notice from the Nasdaq Stock Market, LLC (“Nasdaq”) that it was no longer in compliance with Nasdaq Listing Rule 5605(c)(2)(A), which requires that a listed company’s audit committee be comprised of at least three members, all of whom are independent.
Consistent with Nasdaq Listing Rule 5602(c)(4), the Company is entitled to a cure period to reestablish compliance with Nasdaq Listing Rule 5605(c)(2)(A), which cure period will expire upon (i) the earlier of either the date of the Company’s next annual stockholders’ meeting or December 26, 2018, or (ii) if the next annual stockholders’ meeting is held before June 25, 2018, no later than June 25, 2018. The Company intends to fill the current vacancy on the Board and Audit Committee prior to this deadline to regain compliance with Nasdaq Listing Rule 5602(c)(2).
About AgroFresh Solutions, Inc. (NASDAQ:AGFS)
AgroFresh Solutions, Inc., formerly Boulevard Acquisition Corp., is a developer of agricultural technologies that preserve the freshness and value of fresh produce, including apples, pears, kiwifruit, avocados and bananas, as well as flowers. The Company’s principal product, The SmartFresh Quality System (SmartFresh), regulates the post-harvest ripening effects of ethylene, the naturally occurring plant hormone that triggers ripening in certain fruits and vegetables, through technology. SmartFresh is naturally biodegradable and leaves no detectable residue, which has significant consumer appeal. SmartFresh allows growers and packers to deliver just harvested freshness on a year-round basis. An integral part of the SmartFresh sales process is the AgroFresh Whole Product offering, which is a direct service model that provides customers with on-site applications of SmartFresh at their storage facilities combined with advisory services. The Company operates in approximately 40 countries.