Castor Maritime Inc. Announces Receipt of NASDAQ Notice
April 21 2023 - 4:30PM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces that it has
received written notification from The Nasdaq Stock Market
(“Nasdaq”) dated April 20, 2023, indicating that because the
closing bid price of the Company’s common stock for 30 consecutive
business days, from March 8, 2023 to April 19, 2023, 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 the Nasdaq Listing Rule
5810(c)(3)(A), the applicable grace period to regain compliance is
180 days, or October 17, 2023. The Company intends to monitor the
closing bid price of its common stock during the compliance period
and is considering its options to regain compliance with the Nasdaq
Capital Market minimum bid price requirement. 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 the Company does not
regain compliance within the grace period and meets all other
listing standards and requirements, the Company may be eligible for
an additional 180-day grace period.
The Company intends to cure the deficiency
within the prescribed grace period. 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 Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of oceangoing cargo vessels.
Castor owns a fleet of 21 vessels, with an
aggregate capacity of 1.7 million dwt, currently consisting of one
Capesize, seven Kamsarmax, 11 Panamax dry bulk vessels which
include the M/V Magic Moon, that it has agreed to sell, and two
2,700 TEU containership vessels,.
For more information, please visit the Company’s
website at www.castormaritime.com. Information on our website does
not constitute a part of this press release.
Cautionary Statement Regarding
Forward-Looking Statements
This press release may contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended.
Forward-looking statements give the Company’s
current expectations and projections about future events, including
business strategy, goals, and future financial condition and
performance, and so actual results to differ materially from what
is expressed or implied by the statements. These statements
sometimes use words such as “believe”, “anticipate”, “intend”,
“estimate”, “forecast”, “project”, “plan”, “potential”, “will”,
“may”, “should”, “expect”, “pending”, “indicates” and other words
of similar meaning (or the negative thereof) and include all
matters that are not historical or current facts.
Forward-looking statements are subject to risks,
uncertainties and other factors because they relate to events and
depend on circumstances that may or may not occur in the future
and/or are beyond our control or precise estimate. Such risks,
uncertainties and other factors include, but are not limited to
those factors discussed under “Risk Factors” in our Annual Report
for the year ended December 31, 2022 and/or our other filings with
the SEC, which can be obtained free of charge on the SEC’s website
at http://www.sec.gov. Except to the extent required by applicable
law, we disclaim any intention or obligation to update publicly or
revise any forward‐looking statements, whether as a result of new
information, future events or otherwise.
CONTACT DETAILS
For further information please contact:
Petros PanagiotidisCastor Maritime Inc. Email:
ir@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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