Greece’s Globus Maritime is trying to boost its share price, as it has received a warning from the Nasdaq Stock Market that the company’s common stock was below the minimum $1.00 per share level.
The dry bulk shipping company said it had received written notification from Nasdaq dated July 12, 2023, indicating that because the closing bid price of the company’s common stock from May 25 to July 11, 2023 was below $1.00 per share, Globus Maritime no longer meets the minimum bid price continued listing requirement for the Nasdaq Capital Market.
According to the company´s release the applicable grace period to regain compliance is 180 days, or until January 8, 2024.
The company intends to cure the deficiency within the prescribed grace period. During this time, Globus Maritime’s common stock will continue to be listed and trade on the Nasdaq Capital Market.
Globus Maritime said that intends to monitor the closing bid price of its common stock between now and January 8, 2024, and is considering its options, including a potential reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement.
The company reveals that it can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period.
In the event Globus Maritime does not regain compliance within the 180-day grace period, it may be eligible for an additional 180-day grace period.
To qualify, the company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement.
It will also need to provide written notice of its intention to cure the deficiency during the second compliance period, including by effecting a reverse stock split, if necessary.
Globus Maritime presently owns, and operates and manages a fleet of eight dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally.
