Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”),
a global shipping company specializing in the ownership of tanker
vessels, today announced that it has received written notification
from The Nasdaq Stock Market LLC (“Nasdaq”) dated July 13, 2022,
indicating that because the closing bid price of the Company's
common stock for 30 consecutive business days, from May 27, 2022 to
July 12, 2022, was below the minimum $1.00 per share bid price
requirement for continued listing on The Nasdaq Capital Market, the
Company is not in compliance with Nasdaq Listing Rule 5550(a)(2).
Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace
period to regain compliance is 180 days, or until January 9, 2023.
The Company can cure this deficiency if the
closing bid price of its common stock is $1.00 per share or higher
for at least ten consecutive business days during the grace period.
In the event that the Company does not regain compliance with the
minimum bid price requirement within the 180 day grace period, the
Company may be eligible for an additional 180 day grace period to
regain compliance. To qualify, the Company will be required to meet
the continued listing requirement for market value of publicly held
shares and all other initial listing standards for The Nasdaq
Capital Market, with the exception of the bid price requirement,
and will need to provide written notice of its intention to cure
the deficiency during the second compliance period, including by
effecting a reverse stock split, if necessary.
The Company intends to cure the deficiency
within the prescribed grace period. The Company will monitor the
closing bid price of its common stock during this grace period and
will consider its options. During this time, the Company's common
stock will continue to be listed and trade on the Nasdaq Capital
Market. The Company's business operations are not affected by the
receipt of the notification.
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of
Aframax tankers. The Company’s current fleet is employed on spot
voyages and through pool arrangements.
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.
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, 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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