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Artesian Resources Corporation (NASDAQ:ARTNA), a $350 million water utility company with a strong track record of profitability and 32 consecutive years of dividend increases, has received a notice from Nasdaq indicating non-compliance with listing requirements. According to InvestingPro data, the company maintains a FAIR financial health score while trading at a P/E ratio of 16.6x. The notice, dated May 30, 2025, highlights the company’s failure to meet Nasdaq Marketplace Rule 5605(b)(1), which mandates that a majority of the board of directors be independent, and Rule 5605(c)(2), requiring an audit committee with at least three independent directors.
The non-compliance arose following the resignation of a director after the company’s annual meeting on May 6, 2025. Artesian Resources disclosed this resignation in a previous Form 8-K filed on February 7, 2025.
In response, the company’s Governance and Nominating Committee is actively seeking a qualified independent director to fill the board and audit committee vacancies. Artesian Resources is utilizing the cure period provided by Nasdaq, which allows until the earlier of the next annual stockholders’ meeting or May 6, 2026, to regain compliance. If the next meeting occurs before November 3, 2025, the deadline is November 3, 2025.
The company has not guaranteed that it will meet the compliance requirements within the allotted time frame. This information is based on a press release statement.
In other recent news, Artesian Resources Corporation disclosed significant changes to its executive compensation and board structure in a filing with the SEC. The company’s Compensation Committee authorized a salary increase for CEO and President Nicholle R. Taylor, raising her base pay to $565,000. In addition to the salary increase, Taylor was awarded 1,000 shares of Class A non-voting common stock. The board also decided to eliminate the board fees for Taylor, which previously amounted to an annual retainer of $67,000. This decision was recommended by the Compensation Committee and approved by the Board. During the annual shareholder meeting, Taylor was re-elected to serve a three-year term on the board, with the election being exclusive to Class B Common Stockholders. The board’s composition remains unchanged, with current directors continuing their roles, except for Kenneth R. Biederman, who had announced his resignation effective the day of the annual meeting.
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