Arizona Star 4/30/09
Tucson-based Applied Energetics Inc., a developer of directed- energy systems, said Tuesday that it faces possible delisting of its stock after being notified by the Nasdaq Stock Market that it no longer complies with corporate- governance rules.
The resignation of James A. McDivitt from the Applied Energetics board of directors on March 28 left only two independent directors on its audit panel, one short of Nasdaq requirements, the company said.
However, Applied said it expects to avoid delisting by appointing a new independent director within a so-called “cure period”under Nasdaq rules.
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