Performance Shipping Inc. Regains Compliance With Nasdaq Minimum Bid Price Requirement
August 16 2023 - 9:28AM
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”),
a global shipping company specializing in the ownership of tanker
vessels, 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. Nasdaq’s 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 August 1, 2023 through August 14, 2023, the Company has
regained compliance with Nasdaq’s Listing Rule 5550(a)(2), and the
matter is now closed.
Commenting on this development, Andreas
Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are very pleased to have regained compliance
with Nasdaq’s listing requirements as a result of an organic
increase in the market price of our shares, without the need to
effect a reverse stock split.”
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of tanker
vessels. The Company employs its fleet on spot voyages, through
pool arrangements and on time charters.
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, but are not limited to,
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts,
including with respect to the delivery of the vessel we have agreed
to acquire.
The words “believe,” “anticipate,” “intends,”
“estimate,” “forecast,” “project,” “plan,” “potential,” “will,”
“may,” “should,” “expect,” “targets,” “likely,” “would,” “could,”
“seeks,” “continue,” “possible,” “might,” “pending” and similar
expressions, terms or phrases may 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, but are not limited to: the strength of world
economies, fluctuations in currencies and interest rates, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand in the tanker shipping industry,
changes in the supply of vessels, changes in worldwide oil
production and consumption and storage, changes in our operating
expenses, including bunker prices, crew costs, drydocking and
insurance costs, our future operating or financial results,
availability of financing and refinancing including with respect to
vessels we agree to acquire, 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
epidemics and pandemics, including the ongoing outbreak of the
novel coronavirus (COVID-19) and its impact on the demand for
seaborne transportation of petroleum and other types of products,
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
or events, including “trade wars”, armed conflicts including the
war in Ukraine, the imposition of new international sanctions, acts
by terrorists or acts of piracy on ocean-going vessels, potential
disruption of shipping routes due to accidents, labor disputes or
political events, vessel breakdowns and instances of off-hires and
other important 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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