Hirsch International Corp. Receives Nasdaq Notification Letter
17 September 2009 - 10:30PM
Business Wire
Hirsch International Corp. (“Hirsch”) (NASDAQ: HRSH,
http://www.hirschinternational.com) announced today that on
September 16, 2009 it received a letter from the Nasdaq Stock
Market notifying it of its failure to maintain a minimum closing
bid price of $1.00 per share for its shares of Class A Common Stock
for the prior 30 consecutive business days as required by Nasdaq
Stock Market Listing Rule 5550(a)(2) (the “Bid Price Rule”). The
letter provides that Hirsch has until March 15, 2010 to regain
compliance with the Bid Price Rule by maintaining a closing bid
price of $1.00 per share for a minimum of ten consecutive business
days. If Hirsch does not regain compliance with the Bid Price Rule
by March 15, 2010, the Nasdaq Stock Market will determine whether
Hirsch meets the Nasdaq Capital Market initial listing criteria
except for the Bid Price Rule. If it meets the initial listing
criteria, the Nasdaq Stock Market will notify Hirsch that it has
been granted an additional 180 calendar day compliance period. If
Hirsch is not eligible for an additional compliance period, the
Nasdaq Stock Market will provide Hirsch with written notification
that its shares of Class A Common Stock will be delisted. At that
time, Hirsch may appeal the determination to delist its shares of
Class A Common Stock to a Nasdaq Hearings Panel.
About Hirsch International Corp.
Hirsch is a leading provider of equipment and education and
support services to the graphic and decorated apparel industry.
Hirsch exclusively represents the decorated apparel industry’s
leading brands including Tajima embroidery equipment, MHM screen
printing equipment, SEIT textile bridge lasers, Pulse Microsystems
digitizing and design software and now Kornit and Mimaki digital
garment printers. Hirsch’s customer groups include a wide range of
contract manufacturers that outsource their embellishment
requirements; manufacturers who use embroidery, screenprinting,
laser etching or digital printing to embellish their apparel and
fashion accessories; promotional products, uniform, and sportswear
companies; retail stores; and graphic and decorated apparel
entrepreneurs servicing the athletic apparel, corporate logo-wear,
and advertising specialties markets. Hirsch was founded in 1968 and
is headquartered in Hauppauge, N.Y.
On July 2, 2009, Hirsch entered into an Agreement and Plan of
Merger, among Hirsch, Hirsch Holdings, Inc. ("Parent"), and HIC
Acquisition Company, a wholly-owned subsidiary of Parent ("Merger
Sub"), pursuant to which, subject to the terms and conditions
contained in such agreement, Merger Sub will be merged with and
into Hirsch (the "Merger"), with Hirsch as the surviving
corporation and a wholly-owned subsidiary of Parent. Parent is
wholly owned by Paul Gallagher, Hirsch's Chief Executive Officer,
President and Chief Operating Officer. Upon the consummation of the
Merger, Hirsch's shares of Class A Common Stock will no longer be
publicly traded.
Safe Harbor Statement
This press release contains forward-looking statements which are
made pursuant to the safe harbor provisions set within the meaning
of the Private Securities Litigation Reform Act of 1995. Except for
historical information contained herein, the matters set forth in
this news release are forward-looking statements. Readers should
note that forward-looking statements set forth above involve a
number of risks and uncertainties that could cause actual results
to differ materially from any such statement, including, without
limitation, the risks and uncertainties discussed under the caption
“Risk Factors” in the Hirsch’s Form 10-K for the year ended
December 31, 2008, which may be updated by our subsequent periodic
reports, which discussion is incorporated herein by reference.
Readers are also urged to read the periodic filings and current
reports on Form 8-K of Hirsch.
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