Ultrapetrol’s share price has traded below $1.00 for the last 30 consecutive business days, prompting a written notice from NASDAQ, the stock market on which the company is listed.
The Bahamas-registered company no longer meets NASDAQ’s minimum bid price requirement, the notice stated on August 25.
Ultrapetrol now has a grace period of 180 days (until February 21, 2016) in which to regain compliance for a minimum of ten consecutive business days, according to NASDAQ Listing Rules.
The company said it “will consider a range of available options to ensure full compliance with the NASDAQ’s continued listing standards” within the prescribed timeframe.
Ultrapetrol’s stock price has plummeted by almost 85% over the past year, and has lost 24% of its value over the past five days. At the time of writing, the stock is trading at $0.52 per share.
The company operates a fleet of 726 river barges and pushboats; 14 platform support vessels, three handysize product tankers and two small containerships.