Southern Community Financial (SCMF)
Company Profile: Based in Winston-Salem, N.C., Southern Community Financial offers a full range of financial services to individuals, businesses and nonprofit organizations in the communities it serves.Current Share Price: $1.30 (April 26) Listing Violation: Shareholder approval and listing of additional shares. Southern Community adopted its 2007 restricted stock plan without obtaining shareholder approval, according to the Nasdaq's letter. Additionally, the company did not file with Nasdaq a notification for the listing of additional shares at least 15 days prior to establishing the plan. Received Nasdaq Notice: April 1 Management's Expected Action: Southern Community has 45 days to submit a plan to regain compliance. If the compliance plan is accepted, the company may be granted up to 180 calendar days from the date of the initial notice to show evidence of compliance. Southern Community said it plans to submit the plan for shareholder approval at its annual meeting.
GSI Commerce (GSIC) Company Profile: GSI Commerce is a provider of e-commerce and interactive marketing services to businesses that sell products directly to consumers. Current Share Price: $29.76 (April 26) Listing Violation: Audit committee composition. The listing rule requires that a majority of the board of directors must consist of independent directors and that the company's audit committee have at least three members, all of whom must be independent. Received Nasdaq Notice: April 4 Management's Expected Action: GSI Commerce was proactive in alerting the Nasdaq on March 30 that, following the resignation of Mark Menell from the company's board of directors, it was not in compliance with the audit committee composition listing requirement. The company said it intends to fill the vacancy on the audit committee created by Menell's resignation within the cure period provided by the Nasdaq.