Cypriot bulker owner Castor Maritime has been given more time to bring its share price up to Nasdaq minimum listing requirements.
The company said it had received written notification from the US exchange on 14 April that its stock had been below $1 for 30 business days between 27 February and 13 April.
The shares were trading down 6.4% at $0.65 on Tuesday morning.
"The company was also informed by Nasdaq that due to the coronavirus crisis, temporary relief has been granted," it added.
This means its compliance does not expire until 30 June. It then has the standard six months to regain compliance.
"The company intends to monitor the closing bid price of its common stock during the compliance period and is considering its options to regain compliance with the Nasdaq Capital Market minimum bid price requirement," it added.
Business unaffected
It must bring its price back above $1 for 10 straight working days, which can be during the extra compliance period granted by Nasdaq.
If it cannot, it may still be eligible for another 180-day grace period.
Castor did not reveal its plan to regain compliance, but companies in this situation often carry out a stock split to boost the price by cutting the number of shares.
"The company's business operations are not affected by the receipt of the notification," it said.
Castor said in March it had ended its first year on the exchange on a positive note.
The Petros Panagiotidis-led owner of three bulkers posted a $530,000 profit for the fourth quarter, up from $280,000 in earnings for the same period last year.
The company last month was thought to be buying the 81,400-dwt kamsarmax Olympic Galaxy (built 2009) from Onassis company Olympic Shipping & Management at a price between $13.3m and $13.5m.
A deal for the ship, however, hasn't been confirmed yet and some brokers report it has failed.
