Mammoth Energy announced it has regained compliance with Nasdaq after failing to have at least three members on its company audit committee in May.
In a filing with the Securities Exchange Commission, Mammoth said it won Nasdaq approval following the Aug. 12, 2020 naming of Dr. Corey J. Booker to the Board and its Audit Committee.
Nasdaq has a listing rule that requires an audit committee of a listed company to be comprised of at least three members. On May 18, Mammoth notified the Nasdaq Stock Market that as a result of the resignation of one of the firm’s former directors, the Audit committee had only two members. Nasdaq responded with a letter the next day giving Mammoth until its next annual meeting of stockholders or May 8, 2021 to regain compliance.
The SEC filing indicated Nasdaq confirmed compliance in an Aug. 18 communication with Mammoth. Nasdaq stated it considers the matter now closed.