Castor Maritime has been granted extra time to regain compliance with listing requirements for the Nasdaq exchange.
The Cypriot bulker and container ship company was told in April that it had six months to boost the stock price back above $1 or face delisting.
But the Nasdaq always reserves the right to award a second six-month corrective period, which it has now done.
Castor was trading at $0.41 on Friday. The share had been at $25 in 2019.
The stock needs to be trading above $1 for 10 straight business days to regain compliance.
Castor’s market cap is $40m, while VesselsValue assesses the 20-ship fleet as worth $329m.
“The company intends to regain compliance … within the second compliance period,” Castor said.
It is “considering all available options, including a reverse stock split, for which it has received shareholder approval”.
The share will continue to be listed in the meantime.
Castor was priced at $0.71 when it received the April notice.
Stock issues
The Limassol-based shipowner has been involved in dilutive stock issues arranged by investment bank Maxim Group to expand its fleet.
Already this month, Greek owners Globus Maritime and Top Ships have regained compliance with Nasdaq listing rules.
In September, Castor waved goodbye to a handy sale profit after a deal to offload a panamax fell through.
It said the unnamed buyer of the 76,600-dwt Magic Moon (built 2005) failed to take delivery of the bulker.
A disposal had been agreed in March for $13.95m. This would have meant a profit before transaction costs of $5.3m.
Castor’s second-quarter profit was $8.2m, versus $27.8m a year ago.
