Marshall Islands dry bulk transportation company Seanergy Maritime Holdings Corp. has received written notification from the Nasdaq Stock Market (Nasdaq) saying that the company is not in compliance with Nasdaq’s listing requirements.
The closing bid price of the company’s common stock for 30 consecutive business days, from December 12, 2014 to January 27, 2015, was below the minimum USD 1.00 per share bid price requirement for continued listing on Nasdaq.
Pursuant to Nasdaq Listing Rule, the applicable grace period to regain compliance is 180 days, or until July 27, 2015, the notice said.
In line with the notice, the company can cure this deficiency if the closing bid price of its common stock is USD 1.00 per share or higher for at least ten consecutive business days during the six months following the date of the notice.
Seanergy said it intends to monitor the closing bid price of its common stock between now and July 27, 2015 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq requirement.
Should the company fail to regain compliance within the 180-day grace period and it meets all other listing standards and requirements, it may be eligible for additional 180-day grace period.
During this time, the dry bulk owner and operator’s common stock will continue to be listed and trade on the Nasdaq Capital Market.
“The company’s business operations are not affected by the receipt of the notification,” Seanergy said.