Greek tanker owner Top Ships will carry out a reverse stock split on Friday to maintain compliance with Nasdaq listing requirements.
The company, led by chief executive Evangelos Pistiolis, said every 12 shares will become one share, reducing the number outstanding to 1.7m from 20.3m.
Top Ships received a notice from the US exchange in April that its stock had traded below the $1 minimum for 30 consecutive days.
