Seanergy Maritime Holdings Corp has conducted a 1-for-16 reverse stock split to regain compliance with the Nasdaq Stock Market.
The Stamatis Tsantanis-led owner of 10 capesize vessels had until 25 September to bring its share price to the exchange's $1 minimum requirement after getting three more months past a 90-day grace period begun on 17 April.
"Even though the Nasdaq has granted us an extension until September 25, 2020 to comply with the minimum bid price, we have decided to proactively resolve this matter now", chief executive Tsantanis said in the company's first-quarter earnings report.
