Landmark Infrastructure Partners LP (NASDAQ:LMRK) 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 noted in Item 5.02 below, on Monday, December 25, 2017, Ronald W. Readmond, an independent member of Landmark Infrastructure Partners LP’s (the “Partnership”) general partner’s Board of Directors (the “Board of Directors”), passed away. Mr. Readmond was one of the three members of the Audit Committee of the Board of Directors. As a consequence of Mr. Readmond’s passing, the Partnership became out of compliance with NASDAQ Listing Rule 5605(c)(2), which requires that NASDAQ listed companies have an audit committee made up of at least three independent directors. On December 26, 2017, the Partnership advised The NASDAQ Stock Market LLC (“NASDAQ”) of Mr. Readmond’s passing, its consequences with regard to compliance with NASDAQ Listing Rule 5605(c)(2) and the Partnership’s intention to regain compliance with NASDAQ Listing Rule 5605(c)(2) in a timely manner.
On December 27, 2017, the Partnership received a response letter from the NASDAQ confirming that, based on the passing of Mr. Readmond, the Partnership was no longer in compliance with NASDAQ Listing Rule 5605(c)(2). The notification has no immediate effect on the listing of the Partnership’s common and preferred units on NASDAQ.
In accordance with NASDAQ Listing Rule 5605(c)(4) and as stated in the response letter the Partnership received from NASDAQ,the Partnership has an automatic cure period in order to regain compliance with NASDAQ Listing Rule 5605(c)(2). The Board of Directors intends to identify candidates to replace Mr. Readmond and appoint a new independent director who satisfies the applicable requirements of the NASDAQ Listing Rules to serve on the Board of Directors and the Audit Committee prior to the expiration of the cure period.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b)On December 25, 2017, Ronald W. Readmond, an independent member of the Partnership’s general partner board of directors, passed away.
About Landmark Infrastructure Partners LP (NASDAQ:LMRK)
Landmark Infrastructure Partners LP is engaged in acquiring, owning and managing a portfolio of real property interests. The Company leases its properties to companies in the wireless communication, outdoor advertising and renewable power generation industries. Its segments include Wireless Communication, Outdoor Advertising, Renewable Power Generation and Corporate. The Wireless Communication segment consists of leasing real property interests to companies in the wireless communication industry in the United States. The Outdoor Advertising segment consists of leasing real property interests to companies in the outdoor advertising industry in the United States. The Renewable Power Generation segment consists of leasing real property interests to companies in the renewable power industry in the United States. Its property interests underlie its tenants’ infrastructure assets, including freestanding cellular towers and rooftop wireless sites, billboards, wind turbines and solar arrays.