GHL Acquisition Corp. (AMEX: GHQ) said Monday that its chief executive resigned so the company could comply with requirements for having its shares listed on the Nasdaq Stock Market.
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Scott L. Bok will remain chairman, the company said.
Former senior vice president Robert H. Niehaus was named CEO until GHL completes its acquisition of Iridium Holdings LLC. After the transaction closes, the management and board of the new company will be as described in a proxy statement that GHL will file with the Securities and Exchange Commission, it said.
James Babski, a spokesman for GHL, said Bok stepped down to let GHL move to an independent board before closing the Iridium acquisition.
The company did not explain why listing rules forced Bok's resignation, and a spokesman did not immediately return messages for comment.
The acquisition is subject to approval by GHL shareholders, who are scheduled to meet Wednesday.
GHL expects to begin trading on the Nasdaq Stock Market on Thursday under the symbol "IRDM."
Shares of GHL fell 4 cents to $9.97 at Monday’s close.
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