Sep. 15, 2009 (PR Newswire) --
FT. LAUDERDALE, Fla., Sept. 15 /PRNewswire-FirstCall/ -- SMF ENERGY CORPORATION (Nasdaq: FUEL), a leading provider of specialized transportation and distribution services for petroleum products and chemicals, today announced that it will complete the previously announced reverse split of its common stock at a ratio of 1 share for each 4.5 shares held. The Company expects that the reverse stock split will become effective on September 30, 2009, and will result in approximately 8.56 million shares of common stock outstanding instead of the approximately 38.50 million shares currently outstanding.
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This action was originally approved by the Company's shareholders on November 20, 2008, but was delayed by a series of temporary exemptions from Nasdaq Marketplace Rule 5450(2) requiring a minimum closing bid price of $1.00 for listed companies. The last such exemption expired on August 3, 2009, so the Company must show compliance with Rule 5450(2) by October 15, 2009. The average minimum closing bid price of the Company's stock for the last 10 trading days has been approximately $0.41.
Richard E. Gathright, President and CEO, stated, "Besides ensuring our compliance with Nasdaq Marketplace rules, the reverse split should increase the trading price of our stock to a level that will permit our company and its stock to attract more attention from the investment community. Fortunately, it is taking place during a time of greatly improving Company operating and financial performance.
