Performance Shipping Inc. Regains Compliance With Nasdaq Minimum Bid Price Requirement
Performance Shipping Inc. (NASDAQ: PSHG) has regained compliance with Nasdaq's minimum bid price requirements, as confirmed by Nasdaq. The company’s stock closed at $1.00 or higher for ten consecutive business days from November 2 to November 13, 2020. This compliance assures the continuation of its listing on the Nasdaq Capital Market. CEO Andreas Michalopoulos emphasized the company’s commitment to maintaining its Nasdaq listing. Currently, Performance Shipping operates a fleet of four Aframax tankers and is expecting to receive another by December 22, 2020.
- Regained compliance with Nasdaq's minimum bid price requirements.
- Stock price met the threshold for ten consecutive business days.
- Continued scrutiny on stock price performance could impact future compliance.
ATHENS, Greece, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of tankers, 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. The letter noted that as a result of the closing bid price of the Company's common shares having been at
Commenting on this, Mr. Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“As a publicly listed company since 2011, we are fully committed to maintaining our Nasdaq listing and we welcome the notification from Nasdaq confirming that we have regained compliance.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of four Aframax tankers, as well as one Aframax tanker which is expected to be delivered to the Company at the latest by December 22, 2020. The Company's current fleet is employed primarily on short to medium term charters with leading energy companies and traders.
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 statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions 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 the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for our vessels, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, 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 the novel coronavirus (COVID-19) pandemic and its impact on the demand for seaborne transportation of petroleum and other types of products, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other 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.
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