Nasdaq has notified Equity Media Holdings that the company is deficient in meeting Nasdaq requirements for the Audit Committee of its Board of Directors. That comes as no surprise to Equity. The reason its Audit Committee no longer has at least three independent directors as members is that one, John Oxendine, was recently named CEO of the company, so he no longer qualifies as independent. Equity said it is addressing the need to have a third independent Audit Committee member.
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