XG Technology, Inc. Announces Changes in Audit Committee
June 15, 2018 at 02:00 am IST
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On June 8, 2018, xG Technology, Inc. received a second written notice from Nasdaq that the Company did not comply with Nasdaq’s audit and compensation committee requirements under Listing Rule 5605(c)(2) and 5605(d)(2). These rules require that a company have an audit and compensation committee comprised of independent members as defined in Listing Rule 5601(a)(2). Furthermore, Listing Rule 5605(c)(2)(A)(iii) requires, among other things, that each member of the audit committee must not have participated in the preparation of the financial statements of the Company or any current subsidiary of the Company at any time during the past three years. At the time Mr. Cuccio was appointed interim CEO and Executive Chairman, he was a member of the Company’s audit and compensation committees. Due to such appointments, he was no longer an independent member of the audit or compensation committee. Furthermore, in connection with the filing of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2018, Mr. Cuccio, in his capacity as Principal Executive Officer, signed the Section 302 and Section 906 certifications. On June 6, 2018, Mr. Cuccio resigned from the audit and compensation committees, and the company appointed Mr. Raymond Sidney (an independent director) as a member of the audit committee. As a result, the Company has regained compliance with these listing rules and the immediately foregoing matter is now closed.
Vislink Technologies, Inc. is a global technology company. The Company collects, delivers, and manages live video and associated data from the action scene to the viewing screen. It provides solutions for collecting live news, sports, entertainment, and news events for the broadcast markets. It also furnishes the surveillance and defense markets with real-time video intelligence solutions using various transmission products. It provides professional and technical services to terrestrial microwave, fiber optic, surveillance, and wireless communications systems. It offers a portfolio of solutions for live news, sports, and entertainment industries. These solutions include video collection, transmission, management, and distribution via microwave, cellular, (Internet Protocol) IP, MESH, and bonded cellular/5G networks. It provides video, audio, and data communications solutions to law enforcement and the public safety community, including airborne and tactical mobile command posts.