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CHARLOTTE, N.C., July 23, 2013 (GLOBE NEWSWIRE) -- Swisher Hygiene Inc. ("Swisher") (Nasdaq:SWSH) (TSX:SWI), a leading provider of essential hygiene and sanitizing products and services, announced today that on July 17, 2013, it received a written notice (the "Notice") from the Listing Qualifications department of The Nasdaq Stock Market ("Nasdaq") indicating that Swisher is not in compliance with the minimum bid price requirement of $1.00 per share set forth in Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq Global Select Market.
The Nasdaq Listing Rules require listed securities to maintain a minimum bid price of $1.00 per share and, based upon the closing bid price for the 30 consecutive business days ended July 16, 2013, Swisher did not meet this requirement. Swisher has been provided a 180 day period in which to regain compliance. If at any time during this period the closing bid price of Swisher's common stock is at least $1.00 for a minimum of ten consecutive business days, Swisher will receive a written confirmation of compliance from Nasdaq and the matter will be closed.
In addition, following the initial 180 day period, Swisher may be eligible for an additional 180 day period to regain compliance, subject to Swisher, at that time, transferring its securities to The Nasdaq Capital Market and confirming that Swisher will, if necessary to cure the deficiency, effect a reverse stock split during the second 180 day compliance period.
At present, Swisher will work to regain compliance during the initial 180 day compliance period and will actively monitor its performance with respect to the listing standards.
Cautionary Statement on Forward-Looking Information
All statements other than statements of historical fact contained in this press release constitute "forward-looking information" or "forward-looking statements" within the meaning of the U.S. federal securities laws and the Securities Act (Ontario) and are based on the expectations, estimates and projections of management as of the date of this press release unless otherwise stated. All statements other than historical facts are, or may be, deemed to be forward looking statements. The words "plans," "expects," "is expected," "scheduled," "estimates," or "believes," or similar words or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," and similar expressions identify forward-looking statements.