Merit Medical Systems Inc. (NSDQ:MMSI) got a warning letter and a reprieve within the same missive from the NASDAQ exchange after the death of one of its board members.
James Ellis was a member of the company’s audit committee until his death August 20. That left a vacant seat on the audit committee, breaking one of the stock exchange’s requirements.
But, the Sept. 22 letter went on, Merit Medical’s vote to put Franklin Miller on the audit committee that same day brought it back into compliance. NASDAQ rules also require the company to disclose its receipt of the warning/un-warning letter, according to a filing with the federal Securities & Exchange Commission.
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Ellis, a retired insurance executive, was 77 at the time of his death from complications after cancer treatment. He was also on the boards of Jack Henry and Assoc., the Bank of Texas, First Command Financial Planning, Cornerstone Bank, Challenger Capital Group, Geniant Inc., Vanderbilt Energy, Dallas Academy, the Business Advisory Board of the Dallas Business Journal, USNetworks, Sentir, Westwood Trust and Hope Cottage, according to an obituary.