SANTA CLARA, USA: DayStar Technologies Inc., a developer of solar photovoltaic products based on CIGS thin-film deposition technology announced that on December 30, 2009, it received a NASDAQ Staff Deficiency Letter from The NASDAQ Stock Market indicating that the company temporarily did not comply with the audit committee requirement for continued listing on NASDAQ as set forth in Marketplace Rule 5605(c)(2).
The NASDAQ Letter states that the resignation of Messrs. Richard Nevins and Scott Schecter on September 14, 2009, as disclosed in the Company's Current Report on Form 8-K filed on September 18, 2009, reduced the number of independent directors on its Audit Committee from three to one. As a result, the Company no longer complied with the audit committee requirement for continued listing on NASDAQ as set forth in Marketplace Rule 5605(c)(2).
However, the Letter also stated that as disclosed in subsequent filings with the SEC, the Board of Directors and independent committees experienced a number of appointments and resignations, including appointments to the audit committee of Jonathan Fitzgerald and Robert Tonsoo on November 16, 2009, and Kang Sun on December 3, 2009. As a result of these appointments the audit committee is now comprised of three independent directors.
Accordingly, NASDAQ has determined that the Company has regained compliance with Marketplace Rule 5605(c)(2) and, subject to the disclosure requirements of Marketplace Rule 5810(b), this matter is now closed. The Company is filing this public announcement and a Current Report on Form 8K in compliance with the disclosure requirements as indicated in the NASDAQ Letter.