Harry Vafias-backed spin-off C3is has been given more time to regain compliance with Nasdaq listing requirements in the US.
The Athens-based bulker and tanker company was told in August that it had six months to bring its share price back above the minimum $1 level.
Now the New York bourse has activated a second 180-day grace period for compliance.
This will expire on 19 August this year.
The stock must trade at or above $1 for 10 consecutive trading days to remove the threat of delisting.
C3is closed down 5% at $0.12 in New York on Thursday.
The stock began trading in June at $10 but dropped below $1 within weeks.
The extension was granted because C3is has continued to meet listing value criteria, as well as notifying the Nasdaq it intends to regain compliance during the second six-month period by carrying out a reverse stock split to reduce the number of its shares and boost its price.
C3is was listed when Vafias’ Imperial Petroleum spun off two handysizes into the new company.
The owner later bought the 115,800-dwt aframax tanker Afrapearl II (ex-Stealth Berana, built 2010) from Imperial Petroleum for $43m.
Earlier this year, the shipowner said it was raising $7m in an equity offering aimed at financing future vessel purchases.
The deal involved shares and warrants and was upsized from $6m initially.
Capex being covered
Cash will also go towards capital expenditures, including for payment towards the $38.7m remaining purchase price for the aframax.
“We plan to expand our fleet by investing in high-quality, Japanese or Korean-built dry bulk carriers, which may include vessels in class sizes ranging from handysize class vessels of 28,000 to 40,000 dwt to capesize class vessels of 100,000-plus dwt, and tankers of potentially all sizes,” the company said.
“We also intend to take advantage of the cyclical nature of the market by buying and selling ships when we believe favourable opportunities exist,” C3is added.
