Performance Shipping Inc. Regains Compliance With Nasdaq Minimum Bid Price Requirement
November 18 2020 - 9:02AM
Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global
shipping company specializing in the ownership of tankers, today
announced that the Nasdaq Stock Market (“Nasdaq”) has confirmed
that the Company has regained compliance with Nasdaq's minimum bid
price requirements for continued listing on the Nasdaq Capital
Market. The letter noted that as a result of the closing bid price
of the Company's common shares having been at $1.00 per share or
greater for at least ten consecutive business days, from November
2, 2020 through November 13, 2020, the Company has regained
compliance with Nasdaq’s Listing Rule 5550(a)(2), and the matter is
now closed.
Commenting on this, Mr. Andreas Michalopoulos,
the Company’s Chief Executive Officer, stated:
“As a publicly listed company since 2011, we are
fully committed to maintaining our Nasdaq listing and we welcome
the notification from Nasdaq confirming that we have regained
compliance.”
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of four
Aframax tankers, as well as one Aframax tanker which is expected to
be delivered to the Company at the latest by December 22, 2020. The
Company's current fleet is employed primarily on short to medium
term charters with leading energy companies and traders.
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 our vessels, changes in
our operating expenses, including bunker prices, dry-docking 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, the length and severity of the
novel coronavirus (COVID-19) pandemic and its impact on the demand
for seaborne transportation of petroleum and other types of
products, 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 U.S. Securities
and Exchange Commission for a more complete discussion of these and
other risks and uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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