Greece-based containership owner Diana Containerships has received a letter from Nasdaq indicating that the company is no longer in compliance with the continued listing requirement under Nasdaq Listing Rule 5450(b)(1)(C).
This is because the market value of publicly held shares (MVPHS) was below USD 5.000,000 for 30 consecutive business days.
Diana Containerships now has 180 days to regain compliance, with the applicable grace period until January 29, 2018.
The company can cure this deficiency if its MVPHS closes at USD 5.000,000 or more for at least ten consecutive business days during the grace period.
“The company intends to monitor its MVPHS during the prescribed grace period and is considering all options that will allow its common shares to remain listed on Nasdaq,” Diana Containerships said in a statement.
During this time, Diana Containerships’ common shares will continue to be listed and trade on The Nasdaq Global Select Market.
The company added that its business operations are not affected by the receipt of the notification.