Greek boxship owner Performance Shipping disclosed that it has received a noncompliance notification from the Nasdaq Stock Market.
The notice was received from the regulator because the company's closing share price was below $1.00 per share for 30 consecutive days, said the global provider of shipping transportation services through its ownership of vessels.
Performance Shipping intends to monitor the closing bid price of its common stock during a grace period and will consider its options, including a reverse stock split, in order to regain compliance.
"The company intends to monitor the closing bid price of its common stock during this grace period and will consider its options, including a reverse stock split, in order to regain compliance with the Nasdaq Global Select Market minimum bid price requirement. The company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period," it said in a stock exchange notification.
In the event the company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the company may be eligible for an additional 180-day grace period.