Castor Maritime Inc. Receives 180-day Extension from Nasdaq to Meet Nasdaq’s Minimum Bid Price Requirement
October 19 2023 - 9:00AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces the receipt of a
notification letter on October 18, 2023 from The Nasdaq Stock
Market (“Nasdaq”) granting the Company an additional 180-day
extension to April 15, 2024 (the “Second Compliance Period”) to
regain compliance with Nasdaq’s $1.00 per share minimum bid price
requirement (the “Minimum Bid Price Requirement”) for continued
listing of the Company’s common shares on the Nasdaq Capital
Market. As previously reported on April 21, 2023, the Company
received written notification from Nasdaq that it was no longer in
compliance with the Minimum Bid Price Requirement.
The Company can cure this deficiency if the
closing bid price of its common shares is $1.00 per share or higher
for at least ten consecutive business days during the Second
Compliance Period. The Company intends to regain compliance with
the Minimum Bid Price Requirement within the Second Compliance
Period and is considering all available options, including a
reverse stock split, for which it has received shareholder
approval.
During the Second Compliance Period, the
Company's common stock will continue to be listed and trade on the
Nasdaq Capital Market. If the Company does not regain compliance
within the Second Compliance Period, the Company’s common stock
will be subject to delisting by Nasdaq. The Company's business
operations are not affected by the receipt of the notification.
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of oceangoing cargo vessels.
Castor owns a fleet of 20 vessels, with an
aggregate capacity of 1.6 million dwt, currently consisting of one
Capesize vessel, six Kamsarmax vessels, which include the M/V Magic
Argo which the Company agreed to sell on September 22, 2023, eleven
Panamax dry bulk vessels and two 2,700 TEU containership vessels.
For more information, please visit the Company’s website at
www.castormaritime.com. Information on our website does not
constitute a part of this press release.
Cautionary Statement Regarding
Forward-Looking Statements
This press release may contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended. Forward-looking statements give the Company’s
current expectations and projections about future events, including
business strategy, goals, and future financial condition and
performance, and so actual results to differ materially from what
is expressed or implied by the statements. These statements
sometimes use words such as “believe”, “anticipate”, “intend”,
“estimate”, “forecast”, “project”, “plan”, “potential”, “will”,
“may”, “should”, “expect”, “pending”, “indicates” and other words
of similar meaning (or the negative thereof) and include all
matters that are not historical or current facts.
Forward-looking statements are subject to risks,
uncertainties and other factors because they relate to events and
depend on circumstances that may or may not occur in the future
and/or are beyond our control or precise estimate. Such risks,
uncertainties and other factors include, but are not limited to,
factors and uncertainties regarding the Company’s ability to timely
regain compliance with the Minimum Bid Price Requirement and
Nasdaq’s continued listing requirements, the effect of a potential
de-listing of the Company’s common shares and those factors
discussed under “Risk Factors” in our Annual Report for the year
ended December 31, 2022 and/or our other filings with the SEC,
which can be obtained free of charge on the SEC’s website at
http://www.sec.gov. Except to the extent required by applicable
law, we disclaim any intention or obligation to update publicly or
revise any forward‐looking statements, whether as a result of new
information, future events or otherwise.
CONTACT DETAILS
For further information please contact:
Petros PanagiotidisCastor Maritime Inc. Email:
ir@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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