Ultrapetrol has 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.
The Bahamas-registered company will begin trading its stock on the new market when markets open in the US today.
Ultrapetrol received a notification from Nasdaq on August 27 that the company must meet the Nasdaq Global Select Market’s minimum bid price requirement of $1.00 per share by February 21, 2016, or it would fail to be in compliance with the market’s listing rules.
The company today began a new 180-day grace period on the Nasdaq Capital Market, during which its stock must meet the minimum bid price of at least $1.00 per share for over 10 consecutive business days in order to regain compliance.
If Ultrapetrol cannot meet the minimum price requirement by the end of the grace period (August 22), the company will delisted by Nasdaq.
“Ultrapetrol intends to regain compliance with this continued listing standard by bringing the share price back to at least $1.00 within the prescribed timeframe and will consider a range of available options to ensure full compliance with the continued listing standards of the Nasdaq Capital Market,” the company commented today.
The stock has lost 93.4% of its value over the past 52-week period. At the time of writing, the stock is trading at $0.1095 per share before the US market opens, a slight increase on its 52-week low of $0.05 per share, recorded on February 10.
