Star Bulk Regains Nasdaq Minimum Share Price Compliance
Athens-based dry bulk shipping company Star Bulk Carriers Corp. has regained compliance with the Nasdaq minimum bid price requirement of USD 1 per common share on the Nasdaq Global Select Market.
Nasdaq Listing Qualifications Department confirmed this on July 6 in a letter addressed to Star Bulk.
The Nasdaq Listing Rule 5450 says that a company which has its primary equity security listed on the global market must continue to substantially meet all of the requirements set forth in this rule.
According to the first standard (a) – continued listing requirements for primary equity securities – the minimum bid price of the Star Bulk’s stock is USD 1 per share.
The company breached the rule in January this year and had 180 days to regain compliance. In order to regain compliance, Nasdaq’s requirement for the company was that its bid price is at or above USD 1 per share for a minimum of ten consecutive days.
Star Bulk’s net loss reached USD 48.8 million in the first quarter of this year, against a net loss of USD 40.2 million seen in 2015, as the company marked its worst quarter in the last thirty years.