iPayment Inc., a processor of card transactions for small merchants, could be delisted from the Nasdaq in a year unless it fills a slot on its audit committee vacated when David Vandewater resigned from the board this month.
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A listed company must have at least three directors on its audit committee. Last week the Nasdaq told iPayment that it has until Aug. 7 of next year, or its next annual meeting, to get back into compliance with this rule. In a securities filing Thursday, iPayment said it "intends to take the necessary actions to comply with this requirement." The meeting has not been scheduled; the last one was in June.
