8-KSecurities & Listing

Edwards Lifesciences Corp 8-K Report, Listing Notice (Nov 10, 2008)

Filed November 10, 2008For Securities:EW

Summary

Edwards Lifesciences Corporation (EW) filed an 8-K on November 10, 2008, reporting a notice received from the New York Stock Exchange (NYSE) on November 7, 2008. The company is currently non-compliant with NYSE Rule 303A.07(a) regarding the minimum number of members on its Audit Committee. This non-compliance stems from the death of Philip M. Neal, a member of the Audit and Public Policy Committee. The company has until November 10, 2008, to appoint a third member to the committee to regain compliance. A Board of Directors meeting is scheduled for November 13, 2008, to address this matter. Investors should monitor the company's upcoming filings for confirmation of compliance and the appointment of a new audit committee member.

Key Highlights

  • 1Edwards Lifesciences received notification from the NYSE on November 7, 2008, regarding non-compliance with listing rules.
  • 2The company is non-compliant with NYSE Rule 303A.07(a), which mandates a minimum of three members on the Audit Committee.
  • 3The non-compliance is due to the recent death of Philip M. Neal, a member of the Audit and Public Policy Committee.
  • 4Edwards Lifesciences has a deadline of November 10, 2008, to appoint a third member to the Audit and Public Policy Committee.
  • 5The company's Board of Directors is scheduled to meet on November 13, 2008, to discuss and address this issue.
  • 6This event is a procedural matter related to board composition and not indicative of operational or financial distress.

Frequently Asked Questions

This 8-K filing is primarily to inform investors that Edwards Lifesciences received a notice from the NYSE stating the company is temporarily non-compliant with the requirement for a minimum of three members on its Audit Committee due to the death of a board member.

The company is non-compliant with NYSE Rule 303A.07(a), which requires listed companies to have at least three members on their audit committee.

The company needs to appoint a third member to the Audit and Public Policy Committee by November 10, 2008, to regain compliance with the NYSE rule.

Based on the filing, this appears to be a procedural issue related to board committee composition rather than a significant financial or operational concern. The company has a clear path to resolution by appointing a new committee member, which is scheduled to be discussed by the Board.