Nasdaq-listed Greek dry bulk shipowner Globus Maritime has received notification from Nasdaq indicating it is in breach of Nasdaq Global Market requirements because the closing bid price of the company’s common stock has been under $1 for the last 30 consecutive business days.
Globus has a grace period of 180 days to regain compliance or risk being delisted. The company said it will monitor the price between now and May 9, 2016 when the grace period ends and consider its options, including a reverse stock split or a transfer to the Nasdaq Capital Market, to regain compliance .
Last month Globus was issued with a similar warning from Nasdaq because the market value of the company’s listed shares had dropped to below $5m. Globus has until April 19m, 2016 to rectify this issue.
Globus Maritime will continue to be listed and trade on the Nasdaq Global Market, and said it intends to fix the issue surrounding its share price within the 180 day grace period.