TOP Ships Inc. Announces Extension of Nasdaq Minimum Bid Price Compliance Period
April 23 2020 - 1:00PM
TOP Ships Inc. (the “Company”), an international owner and operator
of modern, fuel efficient "ECO" tanker vessels, announced today
that it has received written notification from The Nasdaq Stock
Market (“Nasdaq”) dated April 17, 2020, granting an extension to
the grace period for regaining compliance with the minimum $1.00
per share bid price requirement from June 23, 2020 to September 7,
2020. The above extension was granted as part of Nasdaq’s
determination to toll the compliance periods for all public
companies, not meeting the continued listing requirements, such as
the bid price requirement, due to the extraordinary market
conditions and unprecedented turmoil in U.S. financial markets.
The Company intends to monitor the closing bid
price of its common stock between now and September 7, 2020 and is
considering its options, in order to regain compliance with the
Nasdaq bid price requirement. This deficiency can be cured, if the
closing bid price of its common stock is $1.00 per share or higher
for a minimum of ten consecutive business days during the grace
period.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company.For more
information about TOP Ships Inc., visit its
website: www.topships.org.
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,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “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.
Contacts:Alexandros TsirikosChief Financial
OfficerTOP Ships
Inc.
Tel: +30 210 812 8107Email: atsirikos@topships.org
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