Builders firstsource, inc. receives non-compliance notice from nasdaq

As previously reported by builders firstsource, inc. (the “company”), on august 19, 2019, after over 14 years of service on the board of directors (the “board”) of the company, robert c. griffin retired from his position on the board, including his position on the board’s audit committee, for personal reasons. on october 4, 2019, the company received a letter from the nasdaq stock market (“nasdaq”) notifying the company that it was not in compliance with nasdaq listing rule 5605(c)(2)(a), which requires the company’s audit committee to consist of at least three independent directors. after mr. griffin’s departure from the company’s audit committee, the committee currently consists of two independent directors. the company intends to rely upon a cure period under nasdaq listing rule 5605(c)(4)(b), which expires upon the later of (i) the company’s next annual shareholders meeting (but not later than august 19, 2020) or (ii) february 17, 2020 if the next annual meeting of the company’s shareholders is held before that date. the board is currently reviewing options for mr. griffin’s replacement on the board and for filling the vacancy on the audit committee left by his retirement. the company expects to be in compliance with the nasdaq audit committee composition requirements on or prior to the expiration of the cure period.
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