Parametric Sound Corp. (NASDAQ: PAMT) said it has received confirmation from the NASDAQ Stock Market LLC confirming that the company has regained compliance with NASDAQ Marketplace Rule 5605(b) (1) requiring the Parametric board to be comprised of a majority of independent directors and that the previously reported non-compliance issue is now closed.
The company had notified NASDAQ that Dr. Seth Putterman, a director of Parametric previously considered to be “independent” had received compensation in 2013 that precluded him from being deemed independent according to the rule. To facilitate compliance, Dr. Putterman voluntarily tendered his resignation from the board and the company reduced the size of its board to five members. The company now has three independent directors on its five member board.
Parametric Sound is a pioneering innovator of directed audio solutions. With a substantial body of intellectual property, Parametric Sound is the foremost authority in the application of acoustic technology to beam sound to target a specific listening area without the ambient noise of traditional speakers. The company is targeting its technology for new uses in consumer markets including computers, video gaming, televisions, home audio and health care. For more information, visit www.parametricsound.com.