Navios Maritime Containers L.P. Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
April 24 2020 - 4:10PM
Navios Maritime Containers L.P. (the “Company”) (NASDAQ: NMCI), a
growth vehicle dedicated to the container sector of the maritime
industry, today announced that on April 22, 2020, the Company
received a written notice from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating
that the Company is not in compliance with the minimum bid price
continued listing requirements of the Nasdaq Listing Rules in that
closing bid price of the Company’s common units for 30 consecutive
business days had not maintained the minimum bid price of $1.00 per
common unit, as required by Marketplace Rule 5450(a)(1) (the
“Rule”). The notice is only a notification of deficiency, not of
imminent delisting, and has no current effect on the listing or
trading of the Company’s securities on the Nasdaq Global Select
Market.
The Nasdaq letter states that the Company will
be provided 180 calendar days to regain compliance with the minimum
$1.00 per share bid requirement. However, given recent
extraordinary market conditions, Nasdaq has determined to suspend
the compliance period for the bid price requirement through June
30, 2020. Accordingly, the Nasdaq letter states that the Company
has until December 28, 2020 to regain compliance with the Rule by
having the bid price of the Company’s common units closing at $1.00
per common unit or above for a minimum of 10 consecutive business
days before December 28, 2020.
If the Company does not regain compliance by
December 28, 2020, the Company may be eligible for additional time
to regain compliance or may face delisting.
The Company will monitor the bid price of its
common stock and consider available options if its common stock
does not trade at a level likely to result in the Company regaining
compliance with the Rule by December 28, 2020. However, there can
be no assurance that the Company will be able to regain compliance
or that Nasdaq will grant the Company a further extension of time
to regain compliance, if necessary.
About Navios Maritime Containers
L.P.The Company, Navios Maritime Containers L.P. (Nasdaq:
NMCI), is a growth vehicle dedicated to the container sector of the
maritime industry. For more information, please visit our website
at www.navios-containers.com.
Advisory on Forward-Looking Information
and Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and expectations. In
particular, forward-looking information and statements contained in
this document include, but are not limited to; compliance with the
minimum bid requirements of Nasdaq or other listing criteria. The
words “believe,” “anticipate,” “intends,” “estimate,” “forecast,”
“project,” “plan,” “potential,” “may,” “should,” “expect” “pending”
and similar expressions identify forward-looking statements. Such
statements 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, there is
uncertainty about the spread of the COVID-19 virus and the impact
it may have on the Company’s operations, the demand for the
Company’s services, products, global supply chains and economic
activity in general. Many factors could cause actual results to
differ materially from the statements made, including those risks
described from time to time in filings made by the Company with the
Securities and Exchange Commission. The Company encourages you to
review other factors that may affect its future results in the
Company’s registration statement and in its other filings with the
Securities and Exchange Commission. Statements contained in this
current press release regarding past trends or activities should
not be taken as a representation that such trends or activities
will continue in the future. The Company does not assume any
obligation to update these forward-looking statements, other than
as required by law.
Public & Investor Relations
Contacts:Navios Maritime Containers
L.P.+1.212.906.8648Investors@navios-containers.com
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