Swisher Hygiene Inc. said Tuesday that CoolBrands International Inc. was continued into the State of Delaware under the name Swisher Hygiene pursuant to a court approved statutory arrangement under the Canada Business Corporations Act.
Swisher Hygiene also said a subsidiary of the company completed the previously announced merger with Swisher International, Inc. pursuant to which Swisher International became a wholly-owned subsidiary of Swisher Hygiene.
On completion of the merger, all of the outstanding common shares of Swisher International were exchanged for about 57.8 million shares of Swisher Hygiene, of which about 55.8 million are subject to lock-up agreements whereby such shares cannot be sold or transferred for the period ending upon the earlier of the public release of Swisher Hygiene's earnings for fiscal year 2011, or March 31, 2012, subject to certain exceptions.
As a result of the merger, former CoolBrands shareholders hold about 52% of the shares of Swisher Hygiene, while former shareholders of Swisher International hold about 48% of Swisher Hygiene.
In connection with the arrangement and the merger, the company has appointed BDO USA, LLP to replace PricewaterhouseCoopers LLP as auditor of Swisher Hygiene.
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