Argentinian owner Ultrapetrol has received notice from the Nasdaq Stock Exchange, indicating that the Nasdaq Hearings Panel has denied the company’s appeal for continued listing on the Nasdaq Capital Market.
The company remains out of compliance with the minimum bid price rule of the stock exchange, and trading of the company’s shares on the Nasdaq Capital Market will be suspended, effective at the open of business on October 19.
In February, Ultrapetrol transferred its public listing to the Nasdaq Capital Market from the Nasdaq Global Select Market after failing to achieve a share price of over $1.00 per share for more than 30 consecutive business days.
Ultrapetrol is currently assessing the options available to enable continued trading of its common shares. The company said it may be eligible to be quoted as an OTC security, but a market maker has not yet stepped forward as a sponsor.