LeMaitre Vascular Receives Confirmatory Response to Its Prior Notification of Nasdaq
October 31 2007 - 4:51PM
PR Newswire (US)
BURLINGTON, Mass., Oct. 31 /PRNewswire-FirstCall/ -- LeMaitre
Vascular, Inc. (NASDAQ:LMAT) (the "Company") today announced that
it received a letter on October 26, 2007, from The Nasdaq Stock
Market ("Nasdaq") in response to notice from the Company that the
Company is not in compliance with Nasdaq's independent director and
audit committee requirements. On August 8, 2007, the Company
notified Nasdaq that Guido J. Neels had voluntarily resigned as an
independent director of the Company. Because of this resignation,
the Company indicated that it would not be in compliance with
Nasdaq Marketplace Rule 4350(c)(1), which requires that a majority
of the Company's Board of Directors be independent directors, or
Marketplace Rule 4350(d)(2), which requires that the Company's
Audit Committee have at least three members, each of whom must be
independent. Per Marketplace Rule 4350(a)(5), the Company was not
obligated to comply with those Rules until the first anniversary of
its initial public offering (i.e., until October 19, 2007), and no
action was taken by Nasdaq at that time. Following its disclosure
to Nasdaq, the Company began the process of finding a successor to
Mr. Neels. On October 19, 2007, the Company notified Nasdaq that
the Company had not yet found a replacement for Mr. Neels, but that
the Company expected to fill the vacancies left by his departure
within the time periods permitted under the applicable Marketplace
Rules. Marketplace Rules 4350(c)(1) and 4350(d)(4) allow such
vacancies to be filled no later than the earlier of the next annual
shareholders' meeting or one year from the event that caused that
vacancy. Failure to comply within the required time frame could
result in Nasdaq's de- listing of the Company's stock or taking
other corrective actions. In response to the Company's October 19
notice, Nasdaq sent a Staff Deficiency Letter to the Company on
October 26, 2007, confirming that "the Company no longer complies
with Nasdaq's independent director and audit committee requirements
as set forth in Marketplace Rule 4350" and that "Nasdaq will
provide the Company a cure period in order to regain compliance as
follows: * until the earlier of the Company's next annual
shareholders' meeting or August 8, 2008; or * if the next annual
shareholders' meeting is held before February 4, 2008, then the
Company must evidence compliance no later than February 4, 2008."
The Company is continuing its efforts at identifying a qualified
replacement to fill the vacancies left by the departure of Mr.
Neels and expects to complete this process and provide evidence of
its compliance with the Marketplace Rules to Nasdaq as soon as
practicable, but no later than the expiration of the above cure
period. About LeMaitre Vascular LeMaitre Vascular develops,
manufactures, and markets medical devices for the treatment of
peripheral vascular disease. The company's principal executive
offices are located at 63 Second Avenue, Burlington, Massachusetts
01803. Certain statements set forth above that are not clearly
historical in nature are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, the timeframe in which the Company
will regain compliance with Nasdaq Marketplace Rules. Although the
Company believes that such statements are based on reasonable
assumptions within the bounds of its knowledge, these forward-
looking statements are neither promises nor guarantees. The
forward-looking statements made in this release are made only as of
the date hereof, and the Company disclaims any intention or
responsibility for updating predictions or expectations contained
in this release. DATASOURCE: LeMaitre Vascular, Inc. CONTACT: Aaron
Grossman, Investor Relations of LeMaitre Vascular, Inc.,
+1-781-221-2266 Web site: http://www.lemaitre.com/
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