LifeVantage, which was once one of Utah’s fastest-growing network marketing companies, has reduced their staff by 10% and senior staff members have been demoted to customer service positions.
This comes in the wake of CEO Doug Robinson’s sudden departure from the company amid reports that his departure was instigated by top-level distributors, who blamed his incompetence for falling sales revenues.
On Apirl 1, 2015, LifeVantage Corporation (the “Company”) received a written notice (the “Notice”) from NASDAQ Stock Market LLC (“Nasdaq”) that the Company has not been in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for a period of 30 consecutive business days.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum closing bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that