Posted at 11:06 a.m., Friday, January 5, 2007
Hoku Scientific must fill Fujie's board seat
Advertiser Staff
Hoku Scientific Inc. said today that it has begun a search for a new independent director following the death of board member Lloyd Fujie last week.Following Fujie's passing Hoku is not in compliance with Nasdaq rules that require exchange traded companies to have a majority of independent directors and an audit committee that consists of at least three independent members.
Nasdaq has given Hoku a timeframe to regain compliance. Under the timeframe, Hoku has until its next annual shareholders' meeting or Dec. 27, whichever comes earlier. If the meeting is held before June 25, then Hoku must provide evidence of compliance no later than June 25.
Fujie, 59, was undergoing surgery for cancer when he died. He joined Hoku's board in September of last year.
The vacancy created by Fujie's passing can be filled by vote of majority of the directors still in office.
