- The Washington Times - Friday, March 13, 2009

NEW YORK (AP) - IAC/InterActiveCorp said Friday that it was notified by The Nasdaq Stock Market that is not in compliance with a Nasdaq rule that requires the Internet services company to have an audit committee that includes at least three independent directors.

The company said that after Steven Rattner left its board on Feb. 23 it had just two independent directors on its audit committee.

IAC said that Nasdaq Marketplace Rule 4350(d)(4) gives it a cure period in which it can regain compliance. This period lasts until IAC’s next shareholder meeting or Feb. 23, 2010, whichever comes first. If IAC holds its annual shareholder meeting before Aug. 24, it will last until then.

The company’s stock will still trade on Nasdaq during this cure period, and IAC believes it will regain compliance with the audit committee requirement in this time.

In a Form 8-K IAC filed with the Securities and Exchange Commission, the company said it will fill the audit committee spot “as expeditiously as possible.”

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