Castor Maritime Inc. Receives 180-day Extension from Nasdaq to Meet Nasdaq Minimum Bid Price Rule; Announces entry into binding commitment letter for financing of two dry bulk carriers
Castor Maritime Inc., 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.
Source: Castor Maritime Inc.