Heelys gets Nasdaq letter on audit committee requirement

Jan 23 (Reuters) - Heelys Inc (HLYS.O: Quote, Profile, Research) said it received a letter from the Nasdaq indicating that it no longer complies with the audit committee requirement, which needs a listed company to have an audit committee of at least three members. The maker of novelty sneakers that double as roller-skates said due to the resignation of James Kindley from its board, the company's audit committee presently has only two members.

The company said it has initiated a search for a new independent director. (Reporting by Sreerupa Mitra in Bangalore; Editing by Vinu Pilakkott)