The company has been without an audit committee chairman since the sudden death of previous uncimbent, William Burgess in the first week of February.

Nasdaq sent a letter last week advising Iona that while the role remains vacant the company is not in compliance with Nasdaq's "audit committee requirements". A "cure period" with Nasdaq advising that Iona must fill the vacancy by 8 February 2007 or by the date of its next shareholder annual general meeting, whichever falls first.

Iona's AGM is due to take place in August.

"This is a very routine cure period under the Nasdaq rules, " said an Iona spokeswoman. "We fully expect to regain compliance prior to the expiration of the period and are actively seeking to fill the vacancy."