The company must have at least three independent directors.The Feb. 6 death of Frederic Kupersmith, an independent director with West PatersonÂs Interactive Systems Worldwide (ISWI), has created a problem for the company.
Nasdaq informed the sports-wagering technology company that it no longer meets the audit committee requirements of having at least three independent directors. ISWI is down to two directors after the death of Kupersmith. ISWI has until its next annual shareholderÂs meeting on Feb. 13, 2007, to comply.
Nasdaq will mark data on ISWI with a special indicator until the company becomes compliant. If the company fails to meet compliance requirements by the deadline, it will be delisted. ISWIÂs shareholder meeting is scheduled for March 30. The company is currently searching for two directors, with at least one to be independent. Shares of ISWI were down $0.02 to $2.13 in morning trading.