Company Profile: Cascade Microtech makes wafer-probing and test-socket products for the electrical measurement and testing of high performance chips.Current Share Price: $6.56 (Feb. 7) Listing Violation: Audit committee composition. The listing rule requires that a majority of the board of directors must be comprised of independent directors and that the company's audit committee have at least three members, all of whom must be independent. Director Keith Barnes resigned from the board effective Dec. 31, reducing the company's audit committee from three members to two. Received Nasdaq Notice: Jan. 11 Management's Expected Action: Cascade Microtech said it expects to regain compliance with the requirements of the listing rule before June 29, as required by the Nasdaq.
Brooklyn Federal Bancorp (BFSB) Company Profile: Brooklyn Federal operates as the holding company for Brooklyn Federal Savings Bank, which provides various banking products and services in Brooklyn, Nassau, and Suffolk, New York. Current Share Price: 86 cents (Feb. 7) Listing Violation: Market value of publicly held shares and delinquency. The Nasdaq requires that companies maintain a minimum $5 million market value of publicly held shares for continued listing. The Nasdaq's calculation excludes outstanding common stock owned by officers, directors or beneficial owners. Brooklyn Federal also did not file its annual 10-K filing with the SEC in a timely manner, prompting a separate warning from the exchange. Received Nasdaq Notice: Jan. 12 Management's Expected Action: Brooklyn Federal said that its 10-K filing has been delayed due to the resignation of the company's independent registered public accounting firm Dec. 20. The company's audit committee has initiated the process of selecting a new registered public accounting firm. Brooklyn Federal has 60 days from the receipt of the Nasdaq's first letter to submit a plan for approval. If approved by the Nasdaq, the company would have 180 days to regain compliance. In regards to the minimum market value rule violation, the company has 180 days from the receipt of that letter to regain compliance.