Dry bulk shipping company Globus Maritime Limited has been notified by the Nasdaq Stock Market (Nasdaq) indicating that because the market value of the company’s publicly held common stock (MVPHS) for the last month was below the minimum requirement of USD 5,000,000, the company no longer meets the minimum MVPHS continued listing requirement for the Nasdaq Global Market.
Globus has a compliance period of 180 calendar days, until April 19, 2016, to regain compliance.
If at any time during that period the company’s MVPHS closes at USD 5,000,000 or more for a minimum of ten consecutive business days, Nasdaq said it would notify the company that it has achieved compliance with the MVPHS requirement and this matter will be closed.
Should the company fail to regain compliance prior to the expiration of the compliance period, Globus will be subject to delisting of its securities.
“The company intends to monitor its MVPHS and is considering its options, including a potential transfer of its listing of securities to the Nasdaq Capital Market,” Globus said.
As informed, the notification has no immediate impact on the listing of the company’s common stock at this time, which will continue to trade on the Nasdaq Global Market.
Globus reported revenue of USD 3.3 million for the three‐month period ended June 30, 2015, a 54% decline compared to USD 7.2 million for the same period in 2014.
The decline was mainly attributed to 50% lower rates achieved by the company’s vessels during the second quarter of this year compared to the same period in 2014, following the soft dry bulk market.
Globus’ subsidiaries own and operate six vessels with a total carrying capacity of 379,958 Dwt and a weighted average age of 7.2 years as of September 30, 2015