Fonar Corp. retains Nasdaq listing with new board appointment

The magnetic resonance imaging maker Fonar Corp., of Melville, said Monday that it has acted to retain its listing on the Nasdaq stock exchange, by filling a vacant independent director seat on its board.

The vacancy had existed since the death, in August, of independent board member Robert Djerejian. Last week the Nasdaq sent Fonar a letter saying it must fill that vacancy in order to avoid delisting, and Fonar complied, appointing Ronald Lehman on Thursday.

Fonar disclosed the Nasdaq letter and the Lehman appointment in a news release after the market closed Friday.

Lehman will fill vacancies on the board, and on its audit committee; and Fonar shareholders will have the opportunity to confirm his appointment at the annual meeting June 25, the company president and board chairman, Dr. Raymond Damadian, said in a statement.

Nasdaq requires that the audit committee be comprised of at least three directors, each of whom must be independent, and that the majority of the board be comprised of independent directors.

Lehman is a managing director of investment banking with Bruderman Brothers, Inc., a private, New York-based broker-dealer, Fonar said.