Company is not in compliance with Section 121(B)(2)(a) of the American Stock Exchange Company Guide because the death of Philip Padou left it with only two independent directors on its audit committee
Bio-Rad Laboratories received a letter from the staff of the American Stock Exchange on 9 January 2007.
As expected, and in accordance with the company's filing with the Securities and Exchange Commission on Form 8-K on 4 January 2007, the letter formally advised Bio-Rad that it was not in compliance with Section 121(B)(2)(a) of the American Stock Exchange Company Guide because the death of Philip Padou left the company with only two independent directors serving on its Audit Committee rather than the requisite three independent directors.
In the letter, the American Stock Exchange gave the Company until 9 April 2007 to regain compliance with the American Stock Exchange requirements.
Bio-Rad is currently seeking a replacement for Mr Padou to serve on its board of directors and audit committee in order to regain compliance with the American Stock Exchange requirements.
