Nasdaq issues a letter to adamis pharmaceuticals confirming its noncompliance with the audit committee requirements

On october 15, 2019, adamis pharmaceuticals corporation (the “company”) notified the nasdaq stock market (“nasdaq”) that as a result of the previously disclosed resignation of william c. denby, iii from the company’s board of directors (the “board”), the company was no longer in compliance with nasdaq listing rule 5605(c)(2)(a), which requires the company’s audit committee to be composed of at least three independent directors. the resignation of mr. denby left the audit committee with two independent directors. this has no immediate effect on the company’s nasdaq listing or the trading of its common stock. in accordance with nasdaq listing rule 5605(c)(4)(b), the company has a cure period to regain compliance with nasdaq listing rule 5605(c)(2)(a), until the earlier to occur of the next annual shareholders meeting or september 30, 2020; provided, however, that if the annual shareholders meeting is held before march 30, 2020, then the company must evidence compliance no later than march 30, 2020. on october 16, 2019, nasdaq issued a letter to the company confirming the company’s noncompliance with the audit committee requirements of nasdaq listing rule 5605 as a result of mr. denby’s resignation and the cure period for the company to regain compliance under nasdaq listing rule 5605(c)(4). the company expects to regain compliance by or before the end of the cure period.
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