TAYLOR DEVICES, INC. (NASDAQ:TAYD) 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.
Due to the unexpected death of Board member Mr. Reginald B. Newman II on April 7, 2018, Taylor Devices, Inc. received a Nasdaq Staff Deficiency Letter dated April 11, 2018, indicating that the Company no longer complies with Nasdaq's independent director and audit committee requirements as set forth in Listing Rule 5605. The Company will be provided a cure period of no later than November 2, 2018 in order to regain compliance. The Company must submit documentation to Nasdaq, including biographies of any new directors, proving compliance with the rules no later than November 2, 2018. Written notification of delisting will be provided by Nasdaq if the Company does not regain compliance within this period. Management anticipates that it will be able to timely comply with Nasdaq's directive.
About TAYLOR DEVICES, INC. (NASDAQ:TAYD)
Taylor Devices, Inc. is engaged in the design, development, manufacture and marketing of shock absorption, rate control and energy storage devices for use in various types of machinery, equipment and structures. The Company’s Seismic Dampers are designed to ameliorate the effects of earthquake tremors on structures. As of May 31, 2016, Fluidicshoks were small, extremely compact shock absorbers with up to 19,200 inch-pound capacities, produced in 15 standard sizes. As of May 31, 2016, crane and industrial buffers were larger versions of the Fluidicshoks with up to 60,000,000 inch-pound capacities, produced in over 60 standard sizes. Its Self-adjusting shock absorbers are designed for high cycle application in heavy industry. Its Liquid die springs are used as component parts of machinery and equipment. Its Vibration dampers are used by the aerospace and defense industries to control the response of electronics and optical systems subjected to air, ship, or spacecraft vibration.