Greece-based shipowner Performance Shipping has been notified by the Nasdaq Stock Market that it is not in compliance with a Nasdaq Listing Rule as the closing bid of its common stock was below the required minimum.
For 30 consecutive business days, from July 24 to September 5, 2019, the company’s common stock closing bid price was below the minimum USD 1.00 per share requirement for continued listing on the Nasdaq Global Select Market.
Performance Shipping now has a period of 180 days to regain compliance, or until March 4, 2020.
The company would 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 deficiency can be cured if the closing bid price of the company’s common stock is USD 1.00 per share or higher for at least ten consecutive business days during the grace period.