BRIDGFORD FOODS CORPORATION (NASDAQ:BRID) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued
Listing Rule or Standard; Transfer of Listing.
On February 1, 2017, Bridgford Foods Corporation, a California
corporation (the Company), notified the Nasdaq Listing
Qualifications Department (the Notice) that Keith A. Ross had
received consulting fees from the Company and was no longer
eligible to be an independent director under Nasdaq Listing
Rules. Furthermore, the Notice provided that Mr. Ross was no
longer eligible to serve on the Audit Committee of the Companys
board of directors (the Board) and as such, the Company no longer
complied with Nasdaq Listing Rule 5605(c)(2)(A).
On February 6, 2017, Mr. Ross resigned from the Audit Committee
of the Companys Board. The resignation by Mr. Ross was not
related to any disagreement with the Company on any matter
relating to the Companys operation, policies, practices, or the
scope of responsibilities of the Audit Committee. Mr. Ross
remains a member of the Board.
On February 8, 2017, the Nasdaq Listing Qualifications Department
provided the Company with a notice of noncompliance (the
Response). The Response stated that as a result of the Companys
determination that Mr. Ross did not meet the independent director
standards, the Company has failed to maintain a compliant Audit
Committee as set forth under Nasdaq Listing Rule 5605. The
Response provided the Company a cure period until March 9, 2017
under Nasdaq Listing Rule 5605(c)(4) in order to regain
compliance. The Company intends to regain compliance by
appointing Paul R. Zippwald to the Board and to the Audit
Committee, contingent upon his election by the shareholders at
the Companys 2017 Annual Meeting to be held on March 8, 2017.
About BRIDGFORD FOODS CORPORATION (NASDAQ:BRID)
Bridgford Foods Corporation is engaged in the manufacturing, marketing and distribution of a range of frozen and snack food products throughout the United States. The Company operates in two business segments, which include the processing and distribution of frozen products, and the processing and distribution of snack food products. The Company’s frozen food products segment serves both food service and retail customers. The Company, through its frozen food products segment, sells approximately 160 frozen food products through wholesalers, cooperatives and distributors to approximately 21,000 retail outlets and over 23,000 restaurants and institutions. The Company through snack food products segment sells approximately 90 different items through customer owned distribution centers and a direct store delivery network serving approximately 15,000 supermarkets, mass merchandise and convenience retail stores located in over 45 states. BRIDGFORD FOODS CORPORATION (NASDAQ:BRID) Recent Trading Information
BRIDGFORD FOODS CORPORATION (NASDAQ:BRID) closed its last trading session down -0.10 at 11.54 with 0 shares trading hands.
