TOP Ships Inc. Announces Receipt of Nasdaq Notice
October 12 2017 - 4:30PM
TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company
(the “Company”), announced today that it has received written
notification from The Nasdaq Stock Market (“Nasdaq”) dated October
10, 2017, indicating that because the closing bid price of the
Company's common stock for the last 30 consecutive business days
was below $1.00 per share, the Company no longer meets the minimum
bid price requirement for the Nasdaq Capital Market, set forth in
Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing
Rules, the applicable grace period to regain compliance is 180
days, or until April 9, 2018. The Company intends to monitor the
closing bid price of its common stock between now and April 9, 2018
and is considering its options, including a reverse stock split, in
order to regain compliance with the Nasdaq Capital 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.
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 Capital Market. The
Company's business operations are not affected by the receipt of
the notification.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning
company.
For more information about TOP Ships Inc., visit
its website: www.topships.org.
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.
Contacts:
Alexandros TsirikosChief Financial OfficerTOP Ships Inc.1,
Vassilissis Sofias Str. & Meg. Alexandrou Str.151 24, Maroussi,
GreeceTel: +30 210 812 8180Email: atsirikos@topships.org
TOP Ships (NASDAQ:TOPS)
Historical Stock Chart
From Mar 2024 to Apr 2024
TOP Ships (NASDAQ:TOPS)
Historical Stock Chart
From Apr 2023 to Apr 2024