The Middleby Corporation (Elgin, Illinois, U.S.) announced that it received a letter from the NASDAQ Staff dated March 12, 2007, indicating that the company failed to comply with the shareholder approval requirements for continued listing as a result of the Company’s inadvertent issuance in May 2006 of options to purchase 3,500 shares of the company’s common stock to its outside directors without shareholder approval.
Middleby said it self-reported its non-compliance to the NASDAQ on March 8, 2007 and, on its own initiative, immediately rescinded the option grants. Accordingly, the NASDAQ Staff determined that Middleby regained compliance with NASDAQ Marketplace Rule 4350(i)(1)(A) and the matter is now closed.
The Middleby Corporation is a global leader in the foodservice equipment industry.
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