Salt Lake-based Utah Medical Products Inc. said Friday that it faces possible delisting from Nasdaq for failing to comply with listing standards.
Utah Medical said the problem stems from the resignation of Dr. Stephen W. Bennett from the board of directors on July 11 for personal reasons related to family health. Bennett had served on UTMD's board of directors for 12 years.
Bennett was a member of the company's audit committee and one of three independent directors on the board. The company no longer complies with Nasdaq requirements related to independent directors and audit committee composition.
If the board does not replace Bennett in those positions within a certain period, the Nasdaq staff may provide notice of Utah Medical securities being delisted.
Utah Medical develops, manufactures, assembles and markets specialty medical devices.