Danaos Corp hopes its latest move will keep its common stock listed in New York.
The Greek containership owner's board of directors has decided to implement a one-for-14 reverse stock split for the New York Stock Exchange-traded shares, effective 2 May.
The split, which shareholders approved 5 March at a special meeting, lowers the number of outstanding shares to approximately 15.2 million shares from about 213.4 million shares.
The company's stock closed at $0.92 per share Friday.
On 31 December, NYSE told Danaos it did not comply with listing standards because the average closing share price fell below $1 for 30 straight days.
"The company believes that the reverse stock split will increase the market price for its common stock and cure this deficiency," Danaos said in a statement.
Stockholders with fractional shares will receive cash value for those units on 1 May because the stock will only be traded in whole shares once the split becomes effective.
John Coustas-led Danaos controls a fleet of 59 containerships, either owned outright or through joint venture Gemini Shipholdings.
