Castor Maritime Inc. Receives 180-day Extension from Nasdaq to Meet Nasdaq Minimum Bid Price Rule; Announces entry into bindi...
December 30 2020 - 9:10AM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
global shipping company specializing in the ownership of dry bulk
vessels, announces today the receipt of a notification letter from
the Nasdaq Stock Market ("Nasdaq") granting the Company an
additional 180-day extension, or until June 28, 2021, to regain
compliance with Nasdaq’s minimum bid price requirement (the “Second
Compliance Period”).
The Company can cure this deficiency if the
closing bid price of its common shares is $1.00 per share or higher
for at least ten consecutive business days during the Second
Compliance Period. The Company intends to regain compliance with
the minimum bid price requirement within the Second Compliance
Period considering all available options, including a reverse stock
split. During this time, the Company's common shares will continue
to be listed and traded on the Nasdaq Capital Market.
In addition, the Company has entered into a
binding commitment letter with a European financial institution
through which it expects to obtain financing of approximately $15.0
million, secured by two of its dry bulk carriers. The Company
expects the credit facility to have terms and conditions that are
customary for financings of this size and type and to close within
January 2021, subject to the negotiation and execution of
definitive documentation.
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of dry bulk vessels. The Company’s vessels are employed primarily
on medium-term charters and transport a range of dry bulk cargoes,
including such commodities as coal, grain and other materials along
worldwide shipping routes.
The Company's fleet currently consists of six
Panamax dry bulk vessels.
For more information please visit the Company’s
website at www.castormaritime.com
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 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 Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “anticipate,” “intend,” “estimate,” “forecast,”
“project,” “plan,” “potential,” “will,” “may,” “should,” “expect,”
“pending” and similar expressions 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. We undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise. In addition to these important factors,
other important factors that, in the Company’s view, could cause
actual results to differ materially from those discussed in the
forward‐looking statements include general dry bulk shipping market
conditions, including fluctuations in charterhire rates and vessel
values, the strength of world economies the stability of Europe and
the Euro, fluctuations in interest rates and foreign exchange
rates, changes in demand in the dry bulk shipping industry,
including the market for our vessels, changes in our operating
expenses, including bunker prices, dry docking and insurance costs,
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, potential disruption of shipping routes due to
accidents or political events, the length and severity of the
COVID-19 outbreak, the impact of public health threats and
outbreaks of other highly communicable diseases, the impact of the
expected discontinuance of LIBOR after 2021 on interest rates of
our debt that reference LIBOR, the availability of financing and
refinancing and grow our business, vessel breakdowns and instances
of off‐hire, potential exposure or loss from investment in
derivative instruments, potential conflicts of interest involving
our Chief Executive Officer, his family and other members of our
senior management, and our ability to complete acquisition
transactions as planned. Please see our filings with the Securities
and Exchange Commission for a more complete discussion of these and
other risks and uncertainties. The information set forth herein
speaks only as of the date hereof, and the Company disclaims any
intention or obligation to update any forward‐looking statements as
a result of developments occurring after the date of this
communication.
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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