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Asta Funding loses Nasdaq compliance after independent director dies

Asta Funding Inc. has fallen out of compliance with Nasdaq's listing requirements following the death of one of its independent directors, Edward Celano.

Celano was also a member of the company's audit, compensation and nominating and corporate governance committees. Following his death, Asta Funding's board now consists of only four members, two of whom are independent directors.

Under Nasdaq's listing requirements, the majority of the company's board should be independent directors and the audit committee should have at least three members.

The company has until the earlier of its next annual shareholders meeting or one year to regain compliance.