Harry Vafias-backed spin-off C3is is grappling with the risk of being delisted from Nasdaq after receiving a staff determination letter from the stock exchange’s listing qualifications department.
The Athens-based bulker and tanker company, which has already been facing issues with failing to meet minimum share-price requirements for trading below $1 for thirty consecutive days, has recently been informed that the stock’s closing bid price falling further to $0.10 or less for 10 days in a row had prompted Nasdaq’s decision to delist.
C3is has been granted until March 22, 2024, to appeal this determination, and the company has announced that it intends to request a hearing before a Nasdaq hearings panel, which should delay the delisting process until the panel reaches a decision. Hearings typically occur within 30 to 45 days following the request.
C3is was formed as a spinoff of Imperial Petroleum last year and currently owns three vessels: two handysize dry bulk carriers and an aframax tanker. While this appeal is pending, the company’s common stock will continue to be traded on the Nasdaq. C3is noted that to address this issue, it is considering various options, including a potential reverse stock split.
