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By Allison Prang
SPAR Group Inc. said three independent board members stepped down on June 9, citing concerns about two company shareholders.
The directors who have resigned are Arthur Baer, Igor Novgorodtsev and Jeffrey Mayer, it said.
SPAR, a Michigan-based merchandising and marketing services company, said the directors expressed concern about the efforts of the two shareholders that they believe could weaken board independence, adversely affect minority shareholders and the company’s liquidity. affect and disrupt business operations.
SPAR said it has informed Nasdaq that it will temporarily not comply with two of Nasdaq’s listing rules: one that requires the majority of the company’s board of directors to be independent directors, and one that the audit committee must have at least three members. and that members must be independent directors.
In a securities filing, the company said the board will immediately look for more independent directors. It also said it has been determined that board members Panagiotis Lazaretos and Peter Brown are independent and that James Brown will become independent by the end of July.
The company said it will have three independent directors from August.
Write to Allison Prang at [email protected]
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