Diana Containerships Inc. Announces Receipt of Nasdaq Notice
May 25 2017 - 6:55AM
Diana Containerships Inc. (NASDAQ:DCIX), (the “Company”), a global
shipping company specializing in the ownership of containerships,
announced today it has received written notification from The
Nasdaq Stock Market ("Nasdaq") dated May 22, 2017, indicating that
because the closing bid price of the Company's common stock for 30
consecutive business days, from April 6, 2017 to May 19, 2017, was
below the minimum $1.00 per share bid price requirement for
continued listing on the Nasdaq Global Market, the Company is not
in compliance with Nasdaq Listing Rule 5450(a)(1). Pursuant to
Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to
regain compliance is 180 days, or until November 20, 2017.
The Company intends to monitor the closing bid
price of its common stock between now and November 20, 2017 and is
considering its options, including a reverse stock split, in order
to regain compliance with the Nasdaq Global Market minimum bid
price requirement. The Company can cure this deficiency if the
closing bid price of its common stock is $1.00 per share or higher
for at least ten consecutive business days during the grace period.
In the event the Company does not regain compliance within the
180-day grace period and it meets all other listing standards and
requirements, the Company may be eligible for an additional 180-day
grace period.
The Company intends to cure the deficiency
within the prescribed grace period. During this time, the Company's
common stock will continue to be listed and trade on the Nasdaq
Global Market. The Company's business operations are not affected
by the receipt of the notification.
About the Company
Diana Containerships Inc. is a global provider
of shipping transportation services through its ownership of
containerships. The Company’s vessels are employed primarily on
time charters with leading liner companies carrying containerized
cargo along worldwide shipping routes.
Cautionary Statement Regarding Forward-Looking
Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe,"
"anticipate," "intends," "estimate," "forecast," "project," "plan,"
"potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for containership capacity,
changes in our operating expenses, including bunker prices,
drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: +30-216-600-2400
Email: izafirakis@dcontainerships.com
Website: www.dcontainerships.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: +1-203-972-8350
Email: enebb@optonline.net
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