Mediacom Communications, the nation’s eighth-largest cable operator, announced on Friday that it had received a letter from the Nasdaq Stock Market on March 2 that said it doesn’t have the required number of independent members on its audit committee.
Because Craig S. Mitchell resigned on Feb. 13, Mediacom currently has only two independent members on its audit committee instead of the required three.
Mediacom has until at least Aug. 12 to add a third independent member to the committee.
Mitchell resigned from the company's board under terms of a recently completed acquisition by Mediacom of its shares owned by an affiliate of Morris Communications.
“Craig Mitchell was an outstanding member of the audit committee, and we appreciate his contributions over the years,” said Mediacom CFO Mark Stephan. “We intend to use the time allowed by the Nasdaq’s rule to find the right person to fill the vacancy.”