The Athens-based bulker owner says it received a delisting notice at the end of a grace period in which it was given 180 days to regain compliance with a minimum threshold requirement.
While the company failed to cure the deficiency by the deadline it plans to appeal the decision on the back of a board meeting in which it secured approval to move ahead with a reverse split, which is unlikely to take place before judgment day.
“As a result of the submission of such appeal, the delisting of the company's common stock from the Nasdaq Global Market will be stayed until such time as a determination has been made on the company's appeal,” it told investors Thursday.
During the shipowner’s annual meeting, Xenophon Galinas was elected to its board of directors. According to regulatory filings, Galinas, who joined Rodman & Renshaw in July of last year, will hold the post for a period of three years.
Shares of FreeSeas, which oversees seven bulkers with a combined carrying capacity of 197,200 dwt and an average age of 15 years, plummeted 8.43% in late trading Thursday before ending the day at $0.09.(Copyright)
