By Dow Jones Business News,
June 13, 2014, 06:15:00 PM EDT
Zynga Inc. ( ZNGA ) said Friday it received a notice from Nasdaq saying it wasn't in compliance with its listing rules
after two directors recently left the videogame company's board.
Nasdaq listing rules require that the company's board be comprised of a majority of independent directors, Zynga said
in a regulatory filing.
LinkedIn co-founder Reid Hoffman and DreamWorks Animation Chief Executive Jeffrey Katzenberg decided not to run for
reelection to Zynga's board, reducing the board's size to seven, Zynga said in an April regulatory filing. The company
said at the time it planned to increase its board size after it had identified and elected new board members.
Zynga said Friday that its board is actively recruiting potential candidates, and that it expects to regain compliance
with the listing rule in the coming months. Zynga has until July 27 to submit a plan to Nasdaq, after which Nasdaq may
grant an extension of up to Dec. 9 to regain compliance.
Write to Anne Pallivathuckal at email@example.com
Corrections & Amplifications
This item was corrected June 16, 2014 at 11:22 a.m. ET because it misstated in the headline Zynga received a delisting
notice, instead of a noncompliance notice.
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