EL POLLO LOCO HOLDINGS, INC. (NASDAQ:LOCO) 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.
EL POLLO LOCO HOLDINGS, INC. (NASDAQ:LOCO) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
As previously disclosed in the registrant’s Current Report on Form 8-K filed on March 31, 2017, on March 29, 2017, Douglas K. Ammerman resigned as a director of the registrant.
On March 30, 2017, the registrant notified The Nasdaq Stock Market LLC (the “NASDAQ”) that this resignation had caused a compliance deficiency with NASDAQ Stock Market Rule 5605(b) requiring a majority-independent board. The registrant counts four of its eight remaining directors as independent. Accordingly, the registrant communicated to the NASDAQ that it intends to use the cure period under the rule, and has determined to cure noncompliance by adjusting its board composition by the cure period deadline. Under the rule, the cure period runs until the earlier of the registrant’s next annual shareholders’ meeting or one year from the occurrence of the event that caused noncompliance (i.e., until March 29, 2018), provided that if the next annual shareholders’ meeting occurs no later than 180 days following the event (i.e., by September 25, 2017), the registrant shall instead have 180 days from the event to comply. As the registrant expects its next annual shareholders’ meeting to occur before September 25, 2017, the registrant expects September 25, 2017, to be the cure period deadline, and has determined to cure noncompliance by then.
On April 3, 2017, the registrant received notice from the NASDAQ that, due to this resignation, the registrant no longer complied with the majority-independent board listing requirement of Rule 5605(b). However, the NASDAQ provided the registrant with a cure period consistent with the rule. Accordingly, as stated above, the registrant intends to use the cure period and has determined to cure noncompliance by adjusting its board composition by September 25, 2017.
About EL POLLO LOCO HOLDINGS, INC. (NASDAQ:LOCO)
El Pollo Loco Holdings, Inc. is a restaurant concept that offers fire-grilling citrus-marinated chicken. The Company operates in the limited service restaurant segment. The Company’s activities are conducted through its subsidiary, El Pollo Loco, Inc. (EPL), which develops, franchises, licenses and operates quick-service restaurants under the name El Pollo Loco. The restaurants are located in California, Arizona, Nevada, Texas and Utah. The Company offers flame-grilled chicken in a range of contemporary Mexican-influenced entrees, including specialty chicken burritos, chicken quesadillas, chicken tortilla soup, Pollo Bowls and Pollo Salads. The Company operates approximately 190 and franchises over 250 El Pollo Loco restaurants. In addition, the Company licenses approximately two restaurants in the Philippines. The Company serves individual and family-sized chicken meals, a range of Mexican-inspired entrees and sides. It offers alternative proteins, such as shrimp, carnitas and beef. EL POLLO LOCO HOLDINGS, INC. (NASDAQ:LOCO) Recent Trading Information
EL POLLO LOCO HOLDINGS, INC. (NASDAQ:LOCO) closed its last trading session up +0.45 at 12.05 with 264,660 shares trading hands.
El Pollo Loco Holdings, Inc. is a restaurant concept that offers fire-grilling citrus-marinated chicken. The Company operates in the limited service restaurant segment. The Company’s activities are conducted through its subsidiary, El Pollo Loco, Inc. (EPL), which develops, franchises, licenses and operates quick-service restaurants under the name El Pollo Loco. The restaurants are located in California, Arizona, Nevada, Texas and Utah. The Company offers flame-grilled chicken in a range of contemporary Mexican-influenced entrees, including specialty chicken burritos, chicken quesadillas, chicken tortilla soup, Pollo Bowls and Pollo Salads. The Company operates approximately 190 and franchises over 250 El Pollo Loco restaurants. In addition, the Company licenses approximately two restaurants in the Philippines. The Company serves individual and family-sized chicken meals, a range of Mexican-inspired entrees and sides. It offers alternative proteins, such as shrimp, carnitas and beef. EL POLLO LOCO HOLDINGS, INC. (NASDAQ:LOCO) Recent Trading Information
EL POLLO LOCO HOLDINGS, INC. (NASDAQ:LOCO) closed its last trading session up +0.45 at 12.05 with 264,660 shares trading hands.