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PDL gets delisting notice

NNBW Staff

PDL BioPharma Inc. of Incline Village said last week its common stock potentially faces delisting from Nasdaq because the company doesn’t have enough independent directors on its audit committee.

When the company spun off its biotechnology operations into Facet Biotech Corp. late last year, three of the seven directors on PDL’s board resigned and became directors of Facet. That left PDL with only two independent directors, but it needs at least three independent directors on its audit committee.

The company said it expects solve the problem before a June 16 deadline set by Nasdaq.