TerraForm Power Inc. received a letter from the Nasdaq Stock Market stating that the company no longer complies with the bourse's audit committee requirements due to the recent resignation of Edward Hall from its board of directors, according to Dec. 6 Form 8-K filing.
Nasdaq listing rules require TerraForm Power to have at least three directors on its audit committee. However, since Hall's resignation, the committee is composed of only two members.
The company has until the earlier of its next annual shareholders meeting, or Nov. 16, 2018, to comply with the listing standard, the letter stated. If the company's next shareholder meeting is held before May 15, 2018, then the company must evidence compliance no later than May 15, 2018.
TerraForm Power said it plans to appoint a new board and audit committee member before the deadline.
TerraForm Power is sponsored by Brookfield Asset Management Inc.