Marathon Patent receives Nasdaq deficiency letter
Marathon Patent Group announced that on July 10, 2018, it was notified by the NASDAQ Stock Market that it no longer complies with the independent director and audit committee requirements of Listing Rules 5605(b)(1) and 5605(c)(2). The company plans to regain compliance through appointment of two new independent directors. In the interim, the company's common stock will continue to trade on NASDAQ. The company has 45 calendar days to submit a plan to regain compliance, and if Nasdaq accepts the company's plan, Nasdaq can grant an exception of up to 180 calendar days from the fiscal year end, or until January 7, 2019, to regain compliance. Merrick Okamoto, Marathon's Chairman and CEO stated, "As announced previously, we have already commenced a search for replacement independent directors and look forward to announcing them upon the positions being filled."