Castor Maritime Inc. Announces Receipt of NASDAQ Notice

Rhea-AI Summary

Castor Maritime (NASDAQ: CTRM) has received notice from Nasdaq that its stock price has fallen below the $1.00 minimum bid price requirement for continued listing. The non-compliance period spans from March 8, 2023, to April 19, 2023. Castor now has a 180-day grace period until October 17, 2023, to regain compliance by achieving a closing bid price at or above $1.00 for at least ten consecutive business days. The Company plans to monitor its stock price and explore options to restore compliance. Importantly, this notification does not impact its business operations, and the stock will remain listed on Nasdaq during this grace period.

Castor operates a fleet of 21 vessels with a total capacity of 1.7 million dwt, including various dry bulk and containerships.

Positive

• Company has a 180-day grace period to regain compliance with Nasdaq listing requirements.
• Business operations remain unaffected by the notification from Nasdaq.

Negative

• Common stock closing bid price has been below $1.00 for 30 consecutive business days.
• Failure to regain compliance could result in additional scrutiny or delisting.

LIMASSOL, Cyprus, April 21, 2023 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated April 20, 2023, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from March 8, 2023 to April 19, 2023, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2).

Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or October 17, 2023. The Company intends to monitor the closing bid price of its common stock during the compliance period and is considering its options to regain compliance with the Nasdaq Capital Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the grace period and meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period.

The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company's common stock will continue to be listed and trade on the Nasdaq Capital Market. The Company's business operations are not affected by the receipt of the notification.

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.

Castor owns a fleet of 21 vessels, with an aggregate capacity of 1.7 million dwt, currently consisting of one Capesize, seven Kamsarmax, 11 Panamax dry bulk vessels which include the M/V Magic Moon, that it has agreed to sell, and two 2,700 TEU containership vessels,.

For more information, please visit the Company’s website at www.castormaritime.com. Information on our website does not constitute a part of this press release.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.

Forward-looking statements give the Company’s current expectations and projections about future events, including business strategy, goals, and future financial condition and performance, and so actual results to differ materially from what is expressed or implied by the statements. These statements sometimes use words such as “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending”, “indicates” and other words of similar meaning (or the negative thereof) and include all matters that are not historical or current facts.

Forward-looking statements are subject to risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond our control or precise estimate. Such risks, uncertainties and other factors include, but are not limited to those factors discussed under “Risk Factors” in our Annual Report for the year ended December 31, 2022 and/or our other filings with the SEC, which can be obtained free of charge on the SEC’s website at http://www.sec.gov. Except to the extent required by applicable law, we disclaim any intention or obligation to update publicly or revise any forward‐looking statements, whether as a result of new information, future events or otherwise.

CONTACT DETAILS

For further information please contact:

Petros Panagiotidis
Castor Maritime Inc.
Email: ir@castormaritime.com 

Media Contact:
Kevin Karlis
Capital Link
Email: castormaritime@capitallink.com 

FAQ

What happened to Castor Maritime's stock on April 20, 2023?

Castor Maritime received a notification from Nasdaq regarding non-compliance with the minimum bid price of $1.00 per share.

How long does Castor Maritime have to regain compliance with Nasdaq listing rules?

Castor Maritime has a 180-day grace period, until October 17, 2023, to regain compliance.

What is the minimum stock price requirement for Castor Maritime to remain listed on Nasdaq?

The minimum bid price requirement for continued listing on Nasdaq is $1.00 per share.

How many vessels does Castor Maritime own?

Castor Maritime owns a fleet of 21 vessels with an aggregate capacity of 1.7 million dwt.

What options does Castor Maritime have to regain compliance with Nasdaq?

The Company can regain compliance by achieving a closing bid price at or above $1.00 for at least ten consecutive business days.