International Shipholding Corporation to Begin Trading on the OTCQX Market under the Ticker Symbol “ISHC”
December 21 2015 - 9:23AM
Business Wire
On December 18, 2015, International Shipholding Corporation (the
“Company”) (OTCQX: ISHC) was notified by the New York Stock
Exchange (the “NYSE”) that it was not in compliance with the
continued listing standards set forth in Section 802.01B of the
NYSE Listed Company Manual because the Company has fallen below the
NYSE’s continued listing standard requiring listed companies to
maintain an average global market capitalization over a consecutive
30 trading day period of at least $15 million. The NYSE further
informed the Company that trading in the Company’s common shares
(NYSE:ISH) and Series A and Series B preferred shares (NYSE:ISHPRA
and NYSE:ISHPRB, respectively) would cease immediately and be
delisted pending NYSE’s application to the Securities and Exchange
Commission to delist the Company’s common and preferred shares.
The Company expects that its common shares will be traded on the
OTCQX® Best Market beginning Monday December 21, 2015, under the
ticker symbol “ISHC” and that its Series A Preferred Shares will
also be traded on the OTCQX Market beginning Monday December 21,
2015 under the ticker symbol “ISHCP”. The Company has also applied
to trade on OTCQX for its Series B Preferred Shares. Upon
acceptance, the Series B Preferred Shares are expected to trade
under the ticker symbol “ISHCO”. The transition to the OTCQX Market
does not change the Company’s obligation to file periodic and other
reports with the Securities and Exchange Commission under
applicable federal securities laws.
About International Shipholding
Corporation
International Shipholding Corporation, through its subsidiaries,
operates a diversified fleet of U.S. and International Flag vessels
that provide worldwide and domestic maritime transportation
services to commercial and governmental customers primarily under
medium to long-term charters and contracts.
For more information about the company, please visit
www.intship.com.
Caution concerning forward-looking statements
Except for historical and factual information, the matters set
forth in this release and future oral or written statements made by
us or our management, including statements regarding our 2015
guidance, and other statements identified by words such as
“estimates,” “expects,” “anticipates,” “plans,” and similar
expressions, are forward-looking statements within the meaning of
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are based on
current expectations only, and are subject to a number of
assumptions, risks and uncertainties, many of which are beyond our
control. Actual events and results may differ materially from those
anticipated, estimated, projected, expressed or implied by us if
one or more of these risks or uncertainties materialize, or if our
underlying assumptions prove incorrect. Factors that could affect
actual results include, but are not limited to: our ability to
successfully and timely implement our restructuring or refinancing
plans in full; potential changes in such plans; our ability to
maximize the usage of our vessels and other assets on favorable
economic terms, including our ability to renew our time charters
and contracts on favorable terms when they expire, to maximize our
carriage of supplemental cargoes, and to improve the return on our
dry bulk fleet if and when market conditions improve; our ability
to comply with each of our debt instruments, including all
financial covenants, divestiture requirements and mandatory
prepayment obligations; changes in domestic or international
transportation markets that reduce the demand for shipping
generally or for our vessels in particular, including changes in
the rates at which competitors add or scrap vessels; industry-wide
changes in cargo freight rates, charter rates, vessel design,
vessel utilization or vessel valuations, or in charter hire, fuel
or other operating expenses; unexpected out-of-service days
affecting our vessels, whether due to drydocking delays, unplanned
maintenance or modifications, accidents, equipment failures,
obsolescence, adverse weather, natural disasters, or other causes;
our ability to access the credit markets or sell assets on terms
reasonable to us or at all, including our ability to sell vessels
to reduce our leverage; political events in the United States and
abroad; the appropriation of funds by the U.S. Congress, including
the impact of any future cuts to federal spending; terrorism,
piracy, quarantines and trade restrictions; changes in foreign
currency rates or interest rates; the effects of more general
factors, such as changes in tax laws or rates in pension or
benefits costs, or in general market, labor or economic conditions;
and each of the other economic, competitive, governmental, and
technological factors detailed in our reports filed with the
Securities and Exchange Commission. You should be aware that new
factors may emerge from time to time and it is not possible for us
to identify all such factors. Similarly, we cannot predict the
impact of each such factor on our business or the extent to which
any one or more factors may cause actual results to differ from
those reflected in any of our forward-looking statements.
Accordingly, you are cautioned not to place undue reliance upon any
of our forward-looking statements, which are inherently speculative
and speak only as of the date made. We undertake no obligation to
update or revise, for any reason, any forward-looking statements
made by us or on our behalf, whether as a result of new
information, future events or developments, changed circumstances
or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20151221005665/en/
The IGB GroupBryan Degnan, 646-673-9701bdegnan@igbir.comorLeon
Berman, 212-477-8438lberman@igbir.comorInternational Shipholding
CorporationNiels M. Johnsen, Chairman, 212-943-4141Erik L. Johnsen,
President, 251-243-9221Manny Estrada, V. P. and CFO,
251-243-9082