Harvard Bioscience falls out of Nasdaq compliance after board member resignation
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Harvard Bioscience's Holliston headquarters on October Hill Road
Harvard Bioscience, a Holliston-based biotech firm, has fallen out of compliance with Nasdaq stock exchange requirements following the resignation of a board of directors member.
After the June 10 resignation of board member Alan Edrick, Harvard Bioscience was left with only two members on its audit committee, falling short of Nasdaq’s minimum three member criteria, according to a Monday filing with the U.S. Securities and Exchange Commission.
Edrick’s resignation was not due to any disagreement or issue relating to Harvard Bioscience’s operations, policies, or practices, according to a June 13 SEC filing.
Harvard Bioscience is now working to select a new board member who satisfies Nasdaq’s independence requirement as soon as possible. In accordance with the stock market’s cure period, the company has until either its next annual meeting of stockholders or until June 10, 2026, one year after Edrick’s departure, to implement a new board member, according to the Monday filing.
Harvard Bioscience did not reply to WBJ’s request for comment.
Edrick’s resignation came six days after the director Thomas Loewald stepped down from Harvard Bioscience's board. Like Edrick, Loewald’s departure was not a consequence of disagreement or an issue with the company’s structure.
Loewald was succeeded by John Duke, CEO of Texas-based plastics manufacturer Plastic Molding Technology.
In addition to board member turnover, Harvard Bioscience has seen a recent shift in its C-suite. In April, the company’s Chief Financial Officer and Treasurer Jennifer Cote resigned after three years on the job. Mark Frost was subsequently named as her interim successor, coming to the role from Fathom, a Wisconsin-based digital manufacturing firm, where he served as CFO.
As of Tuesday morning, Harvard Bioscience’s stock was being traded on Nasdaq for 51 cents per share.
Mica Kanner-Mascolo is a staff writer at Worcester Business Journal, who primarily covers the healthcare and diversity, equity, and inclusion industries.
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