Angeliki Frangou-led dry bulk shipping company Navios Maritime Holdings received a notice from the New York Stock Exchange, Inc. (NYSE) that it is no longer in compliance with NYSE’s continued listing standards.
The notice, served on June 7, states that the company does not meet NYSE’s standards because the average closing price of Navios’ common stock over a consecutive 30 trading-day period was less than USD 1 per share.
Navios Holdings now has six months to bring its stock price per share and average share price above USD 1.
“The company will respond to the NYSE to confirm its intent to cure this deficiency within the prescribed timeframe set out in the NYSE’s Listed Company Manual,” Navios said.
During this period, the company’s common stock will continue to be listed and trade on the NYSE.
Navios added that the NYSE’s notification has no impact on the company’s business operations, nor its Securities and Exchange Commission reporting requirements.
The company owns a fleet comprised of 14 Ultra Handymax vessels, 13 Capesize vessels, 12 Panamax vessels and one Handysize vessel, which have an average age of approximately 9 years.