CHARLOTTE, N.C. (AP) -- Swisher Hygiene Inc. said Tuesday it will not file several financial disclosures before an extended deadline, and the company is filing appeals to prevent its shares from being delisted by the Nasdaq.
Swisher has until Wednesday to file its 2011 annual report and first- and second-quarter financial reports. The hygiene and sanitation products and services company said it informed the Nasdaq on Thursday that it would not be able to comply. Swisher shares are subject to delisting unless the company requests a hearing with the exchange's listing qualifications panel, and the company said it will request that hearing.
The request will prevent the company's stock from being taken off the Nasdaq Stock Market for 15 days. The listing qualifications panel will hold a hearing 30 to 45 days after Swisher makes its the request, and panel will then take between one and six weeks to make a decision. Swisher's 2011 report was due March 30, and the panel could give it as much as 360 days from that date.
Shares of Swisher Hygiene lost 39 cents, or 23 percent, to $1.34 in midday trading. Earlier shares hit a 52-week low of $1.32.
In late March, Swisher said its 2011 annual filing would be delayed because of a review by the company's audit committee. It said the review was mainly related to possible adjustments to accounting for business acquisitions and the calculation of its provision for money it is owed but did not expect to be paid.
The company said Tuesday that its shares could also be delisted from the Toronto Stock Exchange.