Navios Maritime Holdings said that it has regained compliance that it will allow the dry bulk shipping firm to remain listed on the New York Stock Exchange (NYSE).
The Angeliki Frangou-led company said the NYSE sent notice that Navios Maritime Holdings has met the continued listing requirement of a minimum average closing price of $1 per share over a consecutive 30 trading-day period.
At the close of trading on 31 August, the average closing price of Navios Maritime Holding’s common stock for the previous 30 trading-days was above $1 per share.
Shares of Navios Maritime Holdings hit a 52-week low on 24 May of $0.64 per share, just prior to reporting a first-quarter loss which was not as bad as analysts had feared. In the immediate wake of that report, Navios Maritime Holdings shares rebounded to $0.97 per share on 25 May and have averaged $0.99 per share since that date.
The NYSE has no other shipping companies on its non-compliance list. The Nasdaq market lists DryShips, Globus Maritime, and Ultrapetrol (Bahamas) as currently non-compliant with listing standards regarding bid price.
