ArcBest Corporation received a notice from Nasdaq on March 3, 2025, regarding non-compliance with the audit committee composition requirements under Nasdaq Listing Rule 5605(c)(2)(A). The issue arose because audit committee member Fredrik J. Eliasson was found not to be independent under Nasdaq rules due to his brother-in-law's partnership at the company’s outside auditor. However, his brother-in-law had never worked on ArcBest’s audit or provided services to the company. Upon discovering this, Eliasson promptly resigned from the audit committee. Following these corrective actions and ArcBest’s self-reporting of the issue, Nasdaq determined that the company has regained compliance with its listing requirements.
WS News
2025-03-08
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