"Following that with a move to the NASDAQ will be a life changing event for many."
It sure would be for this CEO. Exchange oversight and compliance requirements are the last things he's looking for. "The company’s board of directors is required to have a majority of independent directors." Used to. Not any more.
"The company is required to have an audit committee consisting solely of independent directors who also satisfy the requirements of SEC Rule 10A-3 and who can read and understand fundamental financial statements. The audit committee must have at least three members." Nope.
"One member of the audit committee must have experience that results in the individual's financial sophistication." Gone.
"The company is required to have a compensation committee consisting solely of independent directors and having at least two members. In addition, Rule 5605(d)(2)(A) includes an additional independence test for compensation committee members. The compensation committee must determine, or recommend to the full board for determination, the compensation of the chief executive officer and all other executive officers." The Chief Executive Officer has no employment agreement with the Company.
"The company is required to hold an annual meeting of shareholders no later than one year after the end of its fiscal year."
"The company must conduct appropriate review and oversight of all related party transactions for potential conflict of interest situations."
"The company is required to obtain shareholder approval of certain issuances of securities, including Equity compensation."
While those things are ongoing listing requirements for Nasdaq companies, they are also common sense governance and transparency conditions that would be in the interest of the shareholders of ANY company, including this one.
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