Nasdaq Stock Market has given notice to owner and operator of drybulk and container carrier vessels Euroseas saying that the company is not in compliance with Nasdaq’s listing requirements.
Namely, the closing bid price of the company’s common stock over a period of 30 consecutive business days was less than USD 1.00 per share.
Pursuant to Nasdaq Listing Rule, Euroseas has six months following receipt of the notification to regain compliance with the minimum share price requirement.
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.
Euroseas said it intends to cure the deficiency within the prescribed timeframe.
“During this time, the company’s common stock will continue to be listed and trade on the Nasdaq Global Select Market. The company’s business operations are not affected by the receipt of the notice,” the company added.
Euroseas has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 5 Handysize containerships, and 2 Feeder containerships.