DryShips has decided to undertake a four-for-one reverse split of its shares after receiving a written notification from the Nasdaq Capital Market, upon which the stock is listed.
Separately, DryShips’ CFO Ziad Nakhleh has resigned as of July 29, according to a filing to the US SEC.
Nasdaq notified the Athens-based owner on June 14 that its stock had traded at below the minimum bid price requirement of $1.00 per share for more than 30 consecutive business days. DryShips it has a 180-day grace period ending January 23, 2017 to regain compliance, the stock exchange said.
The shipowner did not reveal when exactly its stock would begin trading on a split-adjusted basis.
DryShips’ stock has lost 97.2% of its value over the past 52-week period. At the time of writing, the stock is trading at $0.40 per share, a slight increase on its 52-week low of $0.34 per share, recorded on Friday.
DryShips transferred its public listing to the Nasdaq Capital Market from the Nasdaq Global Select Market on October 13 after failing to achieve a share price of over $1.00 per share for more than 30 consecutive business days.