What are the transition requirements for companies that are listing in conjunction with their initial public offering after October 31, 2004?
Unless a transition period is provided, a company must be in compliance with all of the requirements of Section 303A as of a companys listing on the Exchange after October 31, 2004. As noted in FAQ A-2, Section 303A provides companies listing in conjunction with an IPO with a transition period to phase-in compliance with the nominating, compensation and audit committee membership requirements, and to achieve majority board independence. Section 303A requires that a company must have: at least one independent director on its nominating, compensation and audit committees as of the date of listing; a majority of independent directors on the audit committee within 90 days of its registration statement being declared effective and a majority of independent directors on the nominating and compensation committees within 90 days of its listing date; and a fully independent audit committee within one year of the its registration statement being declared effective and fully independent nominatin
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