DryShips Gets a Lifeline
- Business & Finance
Nasdaq-listed dry bulk shipping and offshore contract drilling company DryShips Inc. has transferred its listing to the Nasdaq Capital Market from the Nasdaq Global Select Market to get another 180-day grace period to push its shares up to the minimum bid price of USD 1.00 and avoid delisting.
The company’s securities began trading on the Nasdaq Capital Market effective at the start of trading on Tuesday, October 13, 2015.
DryShips was notified by Nasdaq on April 13, 2015, that it no longer satisfied the minimum bid price requirement for continued listing of USD 1 per share.
In anticipation of not meeting the minimum bid price requirement by October 12, 2015, the end of its initial 180-day grace period, the company applied to transfer the listing of its stock to the Nasdaq Capital Market.
As a result of the transfer to the Capital Market, the company is being afforded an additional 180-day grace period to regain compliance with the Nasdaq’s minimum bid price requirement.
In order to regain compliance, the minimum bid price per share of the company’s common stock must be at least USD 1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on April 11, 2016.
If DryShips fails to regain compliance during this grace period, its common stock will be subject to delisting by Nasdaq.
The company has provided written notice of its intention to cure the minimum bid price deficiency during the second grace period by effecting a reverse stock split, if necessary.