Harvard Bioscience no longer meets Nasdaq compliance due to board member resignation

Harvard Bioscience, a biotechnology company based in Holliston, faces a challenge with Nasdaq compliance due to the resignation of a board member. Following Alan Edrick’s departure on June 10, the firm was left with an audit committee containing only two members, falling short of Nasdaq’s minimum requirement of three members. Edrick’s resignation was not linked to any operational issues within Harvard Bioscience, as highlighted in a filing with the U.S. Securities and Exchange Commission on June 13.

The company is now focused on appointing a new board member who meets Nasdaq’s independence criteria promptly. According to the recent filing, Harvard Bioscience has until the next annual stockholders meeting or until June 10, 2026, one year after Edrick’s exit, to address the board member deficiency to comply with Nasdaq regulations.

Upon reaching out to Harvard Bioscience for comment, there was no response provided. Edrick’s resignation came on the heels of director Thomas Loewald’s departure from the board six days prior. Like Edrick, Loewald’s resignation was free of any disagreements or issues with the company’s operations. John Duke, CEO of Texas-based Plastic Molding Technology, succeeded Loewald on the board.

Apart from the board member changes, Harvard Bioscience recently witnessed shifts in its executive suite. In April, CFO and Treasurer Jennifer Cote stepped down after a three-year tenure, with Mark Frost taking on the interim CFO role. Frost, previously with Fathom, a digital manufacturing firm in Wisconsin, assumed the CFO position at Harvard Bioscience.

As of Tuesday morning, Harvard Bioscience’s stock was trading at 51 cents per share on Nasdaq. The company is diligently addressing the board member vacancies to regain compliance with Nasdaq regulations. Amidst these changes, the company remains focused on its core operations within the biotechnology sector.

Mica Kanner-Mascolo, a staff writer at Worcester Business Journal, predominantly covers healthcare and diversity, equity, and inclusion industries. The company’s efforts to swiftly address compliance issues and maintain operational efficiency showcase its commitment to sustaining its position in the biotechnology sector.