Harry Vafias’ C3is spin-off is fighting a decision by the Nasdaq to delist it.
The bulker and tanker firm said it received a letter from the listing qualifications department explaining that its shares had a closing bid price of $0.10 or less for 10 consecutive trading days to 14 March.
The Nasdaq gave the shipowner until 22 March to appeal the ruling, which it now has.
C3is has requested a hearing to argue its case.
The appeal halts any delisting and should be heard within 30 to 45 days.
The owner has already received notice that it failed to comply with another listing requirement to have a stock price above $1.
In February, C3is was given another six months to boost the price back above this level.
“The company will consider various alternatives, including a reverse stock split,” the owner said.
C3is has two handysize bulkers and an aframax tanker.
The Athens-based operation closed down 64% at $0.03 in New York on Friday.
The market cap is $791,000, while the fleet is worth $76m, according to VesselsValue.
2023 listing
The company was spun off from Vafias’ Imperial Petroleum and began trading in June 2023 at $10 but dropped below $1 within weeks.
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.
Cash will also go to capital expenditures, including 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.
Vafias has come under fire from some shareholders of Imperial Petroleum for dilutive stock issues that lowered its share price.
Last year, the shipping company launched a $10m share buyback plan.
