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Alico, Inc. (NASDAQ: ALCO), an agribusiness and natural resource management company, announced that it received a staff notice from the Nasdaq Stock Market regarding its non-compliance with Nasdaq’s continued listing requirements related to the composition of its Board of Directors.
Specifically, Nasdaq requires that a majority of a listed company’s board of directors be independent, and that certain committees (like the audit and compensation committees) be composed solely of independent directors. While the exact details of Alico’s non-compliance weren’t immediately available, it indicates a shortfall in the number or independence of its board members.
Alico has filed a notice of appeal and requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff’s determination. This appeal process typically stays the delisting of the company’s securities while the panel makes a decision.
In a positive development related to this issue, Alico previously announced in April 2005 (which this current prompt seems to be referring to as a past event) that it had appointed three new independent directors and reconstituted its audit, compensation, and nominating committees. At that time, Alico expressed its belief that these actions brought the company into full compliance with Nasdaq’s rules, hoping to render the delisting notice moot. Indeed, records show that in April 2005, Nasdaq canceled the delisting hearing and affirmed Alico’s continued listing.
Therefore, the recent announcement indicates that Alico, Inc. has received a notice of non-compliance, but the company has also taken action to address the issue and is appealing the decision. Based on historical data, Alico was successful in its appeal in a similar situation in 2005.

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Video courtesy of CSOB