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SWSH > SEC Filings for SWSH > Form 8-K on 24-Sep-2013All Recent SEC Filings

Show all filings for SWISHER HYGIENE INC.

Form 8-K for SWISHER HYGIENE INC.


24-Sep-2013

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standa


Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

As disclosed in the Current Report on Form 8-K of Swisher Hygiene Inc. (the "Company"), filed with the Securities and Exchange Commission on September 16, 2013, William M. Pierce was appointed the President and Chief Executive Officer of the Company, effective September 10, 2013. As a result of his appointment, Mr. Pierce is no longer considered an "independent" director for purposes of Audit Committee membership, and as such, Mr. Pierce resigned as a member of the Company's Audit Committee (the "Audit Committee"), effective September 10, 2013.

On September 20, 2013, the Company received a notification from The NASDAQ Stock Market LLC ("NASDAQ") that, as a result of Mr. Pierce's resignation from the Audit Committee, the Company was no longer in compliance with NASDAQ's audit committee requirements as set forth in NASDAQ Listing Rule 5605, which requires the Audit Committee be composed of at least three members. In accordance with NASDAQ Listing Rule 5605(c)(4), the Company has until the earlier of the Company's next annual shareholders' meeting or September 10, 2014 to regain compliance with the Audit Committee membership requirement, however, if the next annual shareholders' meeting is held before March 10, 2014, then the Company must evidence compliance no later than March 10, 2014. The Company expects to appoint an additional independent director to serve on the Audit Committee during the cure period.

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