Ultrapetrol receives warning from NASDAQ exchange

Ultrapetrol receives warning from NASDAQ exchange

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.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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