Global Ship Lease Receives Continued Listing Notice from NYSE
November 13 2018 - 4:15PM
Global Ship Lease, Inc. (NYSE:GSL) (the “Company”), a containership
charter owner, today announced that the Company has been notified
by the New York Stock Exchange (“NYSE”) that the average closing
price of the Company’s common shares over a period of 30
consecutive trading days had fallen below the minimum required
level of US$1.00 per share. This notification initiated a six-month
period during which the Company can cure the deficiency by
maintaining a common share price on both the last trading day of
any calendar month and an average share price over the 30 trading
days preceding the end of that month of at least US$1.00. The
Company will notify the NYSE of its intent to cure the deficiency.
During the prescribed cure period, the Company's common shares
will continue to be traded on the NYSE under the symbol "GSL," with
an added designation of “.BC” until such time as the price
deficiency is cured. The notification does not affect the ongoing
business of Global Ship Lease or its U.S. Securities and Exchange
Commission reporting requirements.
About Global Ship Lease
Global Ship Lease is a containership charter owner. Incorporated
in the Marshall Islands, Global Ship Lease commenced operations in
December 2007 with a business of owning and chartering out
containerships under mainly long-term, fixed-rate charters to top
tier container liner companies.
As of September 30, 2018, Global Ship Lease owned 19 vessels
with a total capacity of 85,136 TEU and an average age, weighted by
TEU capacity, of 13.7 years. All 19 vessels are fixed on time
charters, 17 of which are with CMA CGM. The average remaining term
of the charters at September 30, 2018 was 2.1 years or 2.4 years on
a weighted basis.
Safe Harbor Statement
This press release contains forward-looking statements.
Forward-looking statements provide the Company's current
expectations or forecasts of future events. Forward-looking
statements include statements about the Company's expectations,
beliefs, plans, objectives, intentions, assumptions and other
statements that are not historical facts. Words or phrases such as
"anticipate," "believe," "continue," "estimate," "expect,"
"intend," "may," "ongoing," "plan," "potential," "predict,"
"project," "will" or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. These forward-looking statements
are based on assumptions that may be incorrect, and the Company
cannot assure you that the events or expectations included in these
forward-looking statements will come to pass. Actual results could
differ materially from those expressed or implied by the
forward-looking statements as a result of various factors,
including the factors described in "Risk Factors" in the Company's
Annual Report on Form 20-F and the factors and risks the Company
describes in subsequent reports filed from time to time with the
U.S. Securities and Exchange Commission. Accordingly, you should
not unduly rely on these forward-looking statements, which speak
only as of the date of this press release. The Company undertakes
no obligation to publicly revise any forward-looking statement to
reflect circumstances or events after the date of this press
release or to reflect the occurrence of unanticipated events.
Investor and Media Contact:The IGB GroupBryan
Degnan646-673-9701orLeon Berman212-477-8438
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