T3 Motion, Inc. (the "Company") announced that it received a letter from NYSE Amex LLC (the "AMEX") dated January 17, 2012 indicating that the Company is not in compliance with the audit committee composition requirements set forth in Section 803(B)(2)(c) of the NYSE Amex LLC Company Guide.
AMEX advised that the Company has until the earlier of its next annual meeting or December 31, 2012 to regain compliance with the requirement that the audit committee be comprised of at least two independent members.
The Company is currently seeking to replace Mary Schott, who resigned as chairperson of the audit committee effective December 31, 2011, and expects that the position will be filled in the next several weeks.
