SAN DIEGO, California, November 21, 2013 – Parametric Sound Corporation (NASDAQ: PAMT), a leading innovator of audio products and solutions, announced today that it received confirmation from The NASDAQ Stock Market LLC (“NASDAQ”) confirming that the Company has regained compliance with NASDAQ Marketplace Rule 5605(b)(1) requiring the Parametric Board to be comprised of a majority of independent directors and that the previously reported non-compliance issue is now closed.
The Company had previously reported on November 15, 2013 that the Company had notified NASDAQ that Dr. Seth Putterman, a director of Parametric previously considered to be “independent” had received compensation in 2013 that precluded him from being deemed independent according to the rule. To facilitate compliance with NASDAQ Rule 5605(b)(1), Dr. Putterman voluntarily tendered his resignation from the Board effective today and the Company reduced the size of its Board to five members. The Company now has three independent directors on its five member Board.
“We thank Dr. Putterman deeply for his service to the Company and are pleased to have regained compliance with the NASDAQ listing requirements,” commented Kenneth Potashner, Executive Chairman.