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MADISON SQUARE GARDEN CO FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

May 15, 2014



Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or

Standard; Transfer of Listing

On May 9, 2014, The Madison Square Garden Company (the "Company") announced that Richard D. Parsons resigned as a member of the Board of Directors of the Company in connection with his decision to serve as the interim Chief Executive Officer of the Los Angeles Clippers. As a result of his resignation, the Audit Committee of the Board of Directors of the Company was reduced to two independent directors. NASDAQ Listing Rule 5605 requires three independent directors on the Audit Committee. Accordingly, the Board of Directors of the Company intends to add one or more independent directors to the Board and the Audit Committee in the near term. In the interim, the Company will rely on the grace period provided by NASDAQ Listing Rule 5605(c)(4). By letter dated May 14, 2014, NASDAQ confirmed to the Company that, in accordance with the grace period, the Company will have until November 5, 2014 to bring itself back into compliance with Rule 5605.

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Source: Edgar Glimpses


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