JEWETT-CAMERON TRADING COMPANY LTD (NASDAQ:JCTCF) 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 16, 2017, the Company received notice from NASDAQ
that due to the resignation of Director Ralph Lodewick effective
January 30, 2017, the Company currently has only 2 independent
directors on the Audit Committee and therefore it currently does
not comply with NASDAQs audit committee requirements under
Listing Rule 5605.
Under NASDAQ Listing Rules 5605(c)(4) and 5605(d)(4), NASDAQ has
granted the Company a cure period to regain compliance by naming
a new Independent Director to the Audit Committee. The cure
period extends until (i) the earlier of the Companys next annual
shareholders meeting or January 30, 2018; or (ii) if the next
annual shareholders meeting is held before July 31, 2017, then
the Company must evidence compliance no later than July 31, 2017.
The Company is currently evaluating candidates for the new
Independent Director who will have the necessary qualifications
and financial experience to serve on the Audit Committee. The
next annual shareholders meeting will be held in early calendar
2018 and the Company intends to regain compliance before that
date.
About JEWETT-CAMERON TRADING COMPANY LTD (NASDAQ:JCTCF)
Jewett-Cameron Trading Company Ltd. is a holding company for JC USA Inc. The Company operates through four segments, which include Industrial wood products; Lawn, garden, pet and other; Seed processing and sales, and Industrial tools and clamps. The Company’s Industrial wood products segment reflects the business conducted by Greenwood Products, Inc., which is a processor and distributor of industrial wood products. The Company’s Lawn, garden, pet and other segment reflects the business of Jewett-Cameron Company, which is a wholesaler of wood products and a manufacturer and distributor of specialty metal products. The Company’s Seed processing and sales segment reflects the business of Jewett-Cameron Seed Company, which processes and distributes agricultural seed. The Company’s Industrial tools and clamps segment reflects the business of MSI-PRO Co., which imports and distributes products, including pneumatic air tools, industrial clamps and saw blades. JEWETT-CAMERON TRADING COMPANY LTD (NASDAQ:JCTCF) Recent Trading Information
JEWETT-CAMERON TRADING COMPANY LTD (NASDAQ:JCTCF) closed its last trading session 00.00 at 12.70 with 0 shares trading hands.