ASTRONOVA, INC. (NASDAQ:ALOT) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01.
On October6, 2017, AstroNova, Inc. (the “Company”) notified The NASDAQ Stock Market LLC (“Nasdaq”) that with the passing of Dr.Hermann Viets on September30, 2017, the number of directors comprising the Company’s board of directors was reduced from seven to six, three of whom are independent directors, and that as a result, the Company is no longer compliant with Nasdaq Listing Rule 5605(b)(1), which requires that a majority of the board of directors of a Nasdaq-listed company be comprised ofindependentdirectors.
On October19, 2017, the Company received a letter from Nasdaq acknowledging the Company’s non-compliance with Nasdaq’sindependentdirector requirements as set forth in Nasdaq’s Listing Rule 5605. The Nasdaq letter further provides that, consistent with Nasdaq’s Listing Rule 5605(b)(1)(A), Nasdaq will provide the Company a cure period in order to regain compliance as follows: (1)until the earlier of the Company’s next annual shareholders’ meeting or October1, 2018; or (2)if the next annual shareholders’ meeting is held before March29, 2018, then the Company must evidence compliance no later than March29, 2018.
The board of directors intends to identify candidates to replace Dr.Viets and appoint a new independent director who satisfies the applicable requirements of the Nasdaq Listing Rules to serve on the Company’s board of directors as soon as it is practical and prior to the expiration of the cure period.
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About ASTRONOVA, INC. (NASDAQ:ALOT)
AstroNova, Inc., formerly Astro-Med, Inc., designs, develops, manufactures and distributes a range of specialty printers, and data acquisition and analysis systems. The Company operates through two segments: QuickLabel and Test & Measurement (T&M). The Company offers both hardware and software, which incorporate technologies in order to acquire, store, analyze and present data in multiple formats. It sells specialty printing systems, and test and measurement systems under the brand names, including QuickLabel. The QuickLabel segment offers product identification and label printer hardware, software, servicing contracts and consumable products. The T&M segment offers a suite of products and services that acquire and record visual and electronic signal data from local and networked sensors, as well as wired and wireless networks. It serves markets, such as aerospace, apparel, automotive, avionics, chemicals, computer peripherals, communications, distribution, and food and beverage.
