Pyxis Tankers Obtains Nasdaq Compliance Again

  • Business & Finance

The Greece-based product tanker company Pyxis Tankers Inc. has regained compliance with the Nasdaq’s continued listing requirements regarding the minimum closing bid price, the company said.

“We received a written notification from The NASDAQ Stock Market, Inc. on March 11, 2016 stating that the closing bid price of our shares has been USD 1.00 per share or higher for the last ten consecutive trading days, from February 26 to March 10, 2016,” a company statement reads, adding that thus the compliance has been achieved and that the matter is closed.

Henry Williams, the company’s Chief Financial Officer, attribute the quick regaining of compliance to the recent release of the company’s solid results for the year end 2015 contributed to that positive result.

Specifically,  the tanker owner posted net income of USD 700,000 for the fourth quarter of 2015, compared with a USD 16.8m loss for the equivalent period a year earlier. For the full year, Pyxis reported net income of USD 3.5m versus a USD 19.2m loss for 2014. Chief executive Valentios Valentis called the earnings “solid” and said they reflected the delivery of a second eco-efficient medium range tanker, Pyxis Epsilon, as well as increased charter rates for other vessels.

“We plan to continue to emphasize how our specific sector of shipping, product tankers, is performing significantly better than many other sectors, and that we believe that Pyxis’ operating platform is comparable to or better than many of our publicly-listed product tanker peers,” he went on to say.

Pyxis obtained its Nasdaq listing last year through a merger with an inactive US listed search engine
company LookSmart.

Pyxis Tankers has a fleet of six tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids.

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