Harry N. Vafias-led C3is Inc. owning two handysize dry bulk carriers and an aframax oil tanker, has six more months to avoid US delisting.
The Greek shipowner has been given 180-day extension (or until August 19) by Nasdaq to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaq’s rule.
The Athens-based bulker and tanker owner was told that if at any time until August 19 the bid price of the company’s common stock closes at or above $1.00 per share for a minimum of 10 consecutive trading days, the C3is will regain compliance with the rule, and the matter will be closed.
If this does not happen until then Nasdaq will provide written notification to the company that its shares will be subject to delisting.
In such a case the shipowner may appeal the delisting determination to a Nasdaq Hearings Panel. The company would remain listed pending the Panel’s decision. However, there is no assurance that if the company does appeal a subsequent delisting determination, that such appeal would be successful.
As informed, this notification from Nasdaq has no immediate effect on the listing or trading of the company’s shares of common stock, which continue to be listed and trade on the Nasdaq capital market.
It is worth mentioning that the additional 180-day period has been given to the company to regain compliance as C3is is “meeting the continued listing requirement for the market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the bid price requirement, and the company’s written notice of its intention to cure the deficiency during the second compliance period and, if necessary, do so by effecting a reverse stock split.”
