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PLANET PAYMENT INC FILES (8-K) Disclosing Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

July 14, 2014



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

As previously disclosed by Planet Payment, Inc. (the "Company") in a Current Report on Form 8-K filed with the Securities Exchange Commission on June 18, 2014, on June 16, 2014, Lady Barbara Judge retired as a member of the Company's Board of Directors (the "Board"). Following Lady Judge's retirement, only three of the six members of the Board met the independence requirements of the Marketplace Rules (the "NASDAQ Rules") of the NASDAQ Stock Market ("NASDAQ"). As a result, a majority of the Board is not currently comprised of directors who meet the independence requirements as set forth in NASDAQ Rule 5605(b)(1), which requires that a NASDAQ-listed company's board of directors consist of a majority of "independent directors" (as defined in Rule 5605(a)(2) of the NASDAQ Rules). In accordance with the NASDAQ Rules, the Company alerted NASDAQ of this deficiency on June 17, 2014.

On July 8, 2014, the Company received a notice from NASDAQ confirming that, in accordance with NASDAQ Rule 5605(b)(1)(A), NASDAQ will provide the Company with a cure period in order to regain compliance as follows:

until the earlier of the Company's next annual stockholders' meeting or June 16, 2015; or

if the next annual stockholders' meeting is held before December 15, 2014, then the Company must evidence compliance no later than December 15, 2014.

Prior to the end of the cure period, the Board intends to appoint an additional director who is considered to be an "independent director" in accordance with the criteria set forth in NASDAQ Rule 5605(a)(2).

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Source: Edgar Glimpses


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