LifeVantage, which was once one of Utah's fastest-growing network marketing companies, has reduced their staff by 10% and senior staff members have been demoted to customer service positions.
This comes in the wake of CEO Doug Robinson's sudden departure from the company amid reports that his departure was instigated by top-level distributors, who blamed his incompetence for falling sales revenues.
On Apirl 1, 2015, LifeVantage Corporation (the Company) received a written notice (the Notice) from NASDAQ Stock Market LLC (Nasdaq) that the Company has not been in compliance with the minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for a period of 30 consecutive business days.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum closing bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum closing bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. The Notice has no immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market.
LifeVantage Corporation, is a science based network marketing company that is dedicated to visionary science that looks to transform health, wellness and anti-aging internally and externally at the cellular level.
The company is the maker of Protandim®, the Nrf2 Synergizer® patented dietary supplement, the TrueScience Anti-Aging Skin Care Regimen, Canine Health, and the AXIO energy product line. LifeVantage was founded in 2003 and is headquartered in Salt Lake City, Utah.
Get more information, facts and figures about LifeVantage, click here for the LifeVantage overview.