Greek container shipping company Box Ships has announced that the New York Stock Exchange (NYSE) has notified the company that the it intends to apply to the Securities and Exchange Commission to delist the common stock of the Michael Bodouroglou-controlled company, whose common stock and preferred stock has also been suspended following the close of business on November 17.
NYSE reached its decision to delist the company’s stock because the company fell below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalisation over a consecutive 30 trading-day period of at least $15m.
Box Ships has commenced proceedings to have its common stock trade on the OTCQX Best Market, the highest tier of the US over-the-counter market. The trading of the company’s common stock is expected to commence on OTCQX on November 18.
In addition, Box Ships has applied to transfer the listing of its securities to the Nasdaq Capital Market upon satisfaction of the relevant listing requirements, including maintaining a minimum bid price for the company’s common shares.
For Greek shipping tycoon Bodouroglou the Box Ships delisting follows hot on the heels of another New York switch for one of his companies, Paragon Shipping. Last week Paragon was forced to transfer its listing to the Nasdaq Capital Market from the Nasdaq Global Market.