Saturday, September 19, 2009
Hirsch International Corp. Receives Nasdaq Notification Letter
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.
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