Nasdaq sent a deficiency letter to SemGroup Energy Partners LP, indicating that SGLP no longer complies with the audit committee composition requirements as set forth in Marketplace Rule.
The rule requires SGLP’s general partner to have an audit committee of at least three independent members.
As a result of the reconstitution of the board of directors of SGLP’s general partner on July 18, the audit committee of the board of directors of SGLP’s general partner presently has only two independent members.
SGLP must show compliance by Jan. 14, 2009.
SemGroup Energy Partners owns and operates a diversified portfolio of complementary midstream energy assets.