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Nasdaq gives Pizza Inn more time
March 22, 2007
THE COLONY, Texas — The Nasdaq stock market has granted Pizza Inn Inc. until the company's next annual shareholder's meeting in December to regain compliance with Nasdaq's audit committee-composition requirements.
Pizza Inn fell out of compliance with Nasdaq requirements following its Dec. 13, 2006, annual meeting, at which an existing board and audit committee member did not stand for reelection. Nasdaq rules require three qualifying audit committee members.
Nasdaq officials had previously instructed the company that it had until April 16 to add an audit committee member in order to regain compliance.
"We appreciate theopportunity to address this issue within the framework of time provided byNasdaq and will continue working towards a successful resolution of this matter," said Pizza Inn president and chief executive Tim Taft.
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