Performance Shipping Inc. Regains Compliance With Nasdaq Minimum Bid Price Requirement

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Performance Shipping Inc. has regained compliance with Nasdaq's minimum bid price requirements for continued listing on the Nasdaq Capital Market. The Company's common shares had a closing bid price of $1.00 per share or greater for at least ten consecutive business days.

ATHENS, Greece, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that the Nasdaq Stock Market (“Nasdaq”) has confirmed that the Company has regained compliance with Nasdaq's minimum bid price requirements for continued listing on the Nasdaq Capital Market. Nasdaq’s letter noted that, as a result of the closing bid price of the Company's common shares having been at $1.00 per share or greater for at least ten consecutive business days, from August 1, 2023 through August 14, 2023, the Company has regained compliance with Nasdaq’s Listing Rule 5550(a)(2), and the matter is now closed.

Commenting on this development, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“We are very pleased to have regained compliance with Nasdaq’s listing requirements as a result of an organic increase in the market price of our shares, without the need to effect a reverse stock split.”

About the Company

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessel we have agreed to acquire.

The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “targets,” “likely,” “would,” “could,” “seeks,” “continue,” “possible,” “might,” “pending” and similar expressions, terms or phrases may identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including the ongoing outbreak of the novel coronavirus (COVID-19) and its impact on the demand for seaborne transportation of petroleum and other types of products, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

 

FAQ

What is the company that regained compliance with Nasdaq's minimum bid price requirements?

The company is Performance Shipping Inc.

What are the minimum bid price requirements for continued listing on the Nasdaq Capital Market?

The minimum bid price requirement is having a closing bid price of $1.00 per share or greater for at least ten consecutive business days.

Who confirmed that the company has regained compliance?

The Nasdaq Stock Market confirmed that the company has regained compliance.

What is the significance of regaining compliance with Nasdaq's listing requirements?

Regaining compliance allows the company to continue listing on the Nasdaq Capital Market.

What did the company's CEO comment on this development?

The CEO stated that they are pleased to have regained compliance without the need for a reverse stock split.