Natrol has said it has received a Nasdaq Staff Deficiency Letter indicating that the company is no longer in compliance with Nasdaq’s Marketplace Rule requiring that the company have a majority of independent directors.
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The manufacturer and distributor of nationally branded nutritional products ceased compliance with the rule as a result of the expiration of Vernon Brunner’s term as a director as of 8 June 2006, the date of Natrol’s annual meeting of stockholders.
Natrol’s board of directors is currently comprised of six directors, three of whom are independent as defined under Nasdaq’s listing requirements. Natrol intends to fill the vacancy on the board of directors and appoint one additional independent director as promptly as possible, the company said.
