Sphere 3D receives non-compliance notice from Nasdaq

Sphere 3D (NASDAQ:ANY) received a deficiency notice from Nasdaq, notifying that it was not in compliance with a listing rule that requires issuers to have an audit committee of at least 3 members who each meet the criteria for independence.

ANY's non-compliance is due to an unsolicited discretionary bonus payment made by the company to Patricia Trompeter, an audit committee member, outside of board compensation for work on certain business initiatives.

Trompeter resigned from the audit committee on Mar. 7, but she remains on ANY's board.

ANY is preparing a Nasdaq-required plan of compliance, which will include the replacement of Trompeter on the audit committee.