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As previously disclosed, on December 17, 2015, Ubiquiti Networks, Inc. (the "Company") received a letter from NASDAQ stating that the Company was no longer in compliance with Rule 5605(c)(2)(A) of the NASDAQ Listing Rules (the "Rule"), which requires that the Audit Committee of the Board of Directors of the Company (the "Board") be comprised of at least three directors who meet certain independence and other requirements.
Also as previously disclosed, on August 4, 2016, the Board appointed Michael E. Hurlston as a Class I member of the Board and as a member of the Audit Committee. As a result of this appointment, on August 11, 2016, the Company was notified by NASDAQ that it had regained compliance with the Rule for continued listing and that the matter is now closed.
UBIQUITI NETWORKS, INC. |
By: | /s/ Robert J. Pera |
Name: Robert J. Pera | |
Title: Chief Executive Officer |