Elephant Talk Communications Corp. (NYSE: ETAK) said it has received a non-compliance notice from the NYSE in connection with the resignation of Charles Levine from the company´s board of directors and non-reelection of Phil Hickman to the board at the company´s annual meeting of stockholders.
As a result, a majority of the directors on the board is not independent as required and the company´s audit committee is no longer comprised of three independent members as required.
The exchange´s notice has no immediate effect on the listing of the company´s common stock on the exchange. The company is identifying and evaluating candidates to fill its two independent director vacancies, with a focus on candidates who will represent the best interests of the company´s stockholders and who will also have relevant industry experience to contribute to the board´s strategic guidance of the company. The company expects to regain compliance with the continued listing standards.
Elephant Talk Communications is an international provider of mobile proprietary software defined network architecture (Software DNA) platforms for the telecommunications industry that empower mobile network operators and mobile virtual network operators), enablers and aggregators (with a full suite of applications, The company´s website is at www.elephanttalk.com.