ATHENS, Greece, Jan. 4, 2019 /PRNewswire/ -- Danaos Corporation
(the "Company" or "Danaos") (NYSE: DAC) today announced it has
received written notice from the New York Stock Exchange (the
"NYSE") that the Company is not in compliance with the NYSE
continued listing standard with respect to the minimum average
share price required by the NYSE because the average closing price
of its common stock had fallen below $1.00 per share over
a period of 30 consecutive trading days.
Under the NYSE rules, the Company can regain compliance with
this standard and cure this deficiency if, during the six-month
period following receipt of the NYSE notice, on the last trading
day of any calendar month or on the last trading day of this
six-month cure period, the Company's common stock has a closing
share price of at least $1.00 and an
average closing share price of at least $1.00 over the 30-trading day period ending on
the last trading day of that month or the last trading day of the
cure period. If the Company determines to remedy the non-compliance
by taking action that will require shareholder approval, the
Company may obtain shareholder approval by no later than its next
annual meeting, and implement such action promptly thereafter. The
Company will respond to the NYSE to confirm its intent to cure this
noncompliance.
During this period, the Company's common stock will continue to
be traded on the NYSE, subject to the Company's compliance with
other applicable NYSE listing requirements. The notice does not
affect the Company's ongoing business operations or its U.S.
Securities and Exchange Commission reporting obligations.
Forward-Looking Statements
Matters discussed in this
release may constitute forward-looking statements within the
meaning of the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, including statements with respect to the Company's
ability to regain compliance with the NYSE's continued listing
standards and remain listed on the NYSE or other major
stock exchange and other statements that are forward looking.
Forward-looking statements reflect our current views with respect
to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon
various assumptions. Although Danaos Corporation believes 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, Danaos Corporation cannot assure you that it
will achieve or accomplish these expectations, beliefs or
projections. Important factors that, in our view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the effects of refinancing
transactions, Danaos' ability to achieve the expected benefits of
the refinancing and comply with the terms of its new credit
facilities and other agreements entered into in connection with the
refinancing, the strength of world economies and currencies,
general market conditions, including changes in charter hire rates
and vessel values, charter counterparty performance, changes in
demand that may affect attitudes of time charterers to scheduled
and unscheduled dry-docking, changes in Danaos Corporation's
operating expenses, including bunker prices, dry-docking and
insurance costs, ability to obtain financing and comply with
covenants in our financing arrangements, actions taken by
regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions,
potential disruption of shipping routes due to accidents and
political events or acts by terrorists.
Risks and uncertainties are further described in reports filed
by Danaos Corporation with the U.S. Securities and Exchange
Commission.
About Danaos Corporation
Danaos Corporation's fleet of
59 containerships aggregating 352,600 TEUs, including four vessels
owned by Gemini Shipholdings Corporation, a joint venture, ranks
Danaos among the largest containership charter owners in the world
based on total TEU capacity.
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SOURCE Danaos Corporation