Pyxis Tankers Regains Compliance with NASDAQ’s Minimum Closing Bid Price Rule

Rhea-AI Summary

Pyxis Tankers (PXS) has announced it has regained compliance with NASDAQ listing requirements regarding minimum bid price. Previously notified on July 2, 2020, for noncompliance with the $1.00 minimum bid price, the company was granted a 180-day extension to rectify this. The closing bid price remained at or above $1.00 from January 28 to February 16, 2021. NASDAQ has now confirmed that PXS meets the listing rules, closing this compliance matter. The company, focused on product tanker operations, aims to expand its fleet and enhance market presence.

Positive

• Regained compliance with NASDAQ’s minimum closing bid price requirements
• Closing bid price was maintained above $1.00 from January 28 to February 16, 2021

Negative

• None.

Maroussi, Greece, February 17, 2021 - Pyxis Tankers Inc. (NASDAQ CM: PXS) (the "Company" or "Pyxis Tankers"), a growth-oriented pure play product tanker company, announced that it has regained compliance with the NASDAQ’s continued listing requirements regarding the minimum closing bid price.

On July 2, 2020, NASDAQ had notified the Company of its noncompliance with the minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of the NASDAQ Stock Market.  On December 29, 2020, the Company received written notification granting the Company a 180-day extension, or until June 28, 2021 to regain compliance with the minimum bid price requirement.  Subsequently, from January 28, 2021 to February 16, 2021, the Company’s closing bid price for its common shares has been $1.00 per share or greater and NASDAQ has informed that Company that it has regained compliance with the exchange’s minimum closing bid price rule (NASDAQ Listing Rule 5550(a)(2)) and the matter is closed.

About Pyxis Tankers Inc.

The Company owns a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. The Company focused on growing its fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their "eco" features and modifications. The Company is positioned to opportunistically expand and maximize its fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com.

Forward Looking Statements

This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include statements about the Company’s plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, the Company’s actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "seek," "predict," "schedule," "project," "intend," "plan," "anticipate," "believe," "estimate," "potential," "position," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management team, are inherently uncertain. A more complete description of these risks and uncertainties can be found in the Company’s filings with the U.S. Securities and Exchange Commission, including under the caption "Risk Factors" in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2020. The Company cautions you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.

Company

Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
info@pyxistankers.com

Visit the Company’s website at www.pyxistankers.com

Company Contact

Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: hwilliams@pyxistankers.com

Source: Pyxis Tankers Inc.

FAQ

What does the press release from Pyxis Tankers dated February 17, 2021 communicate?

It announces that Pyxis Tankers has regained compliance with NASDAQ's minimum bid price requirement after maintaining a closing bid price above $1.00.

What was the reason for Pyxis Tankers’ noncompliance with NASDAQ?

Pyxis Tankers was notified of noncompliance for not maintaining a minimum bid price of $1.00 over 30 consecutive business days.

What actions did Pyxis Tankers take after receiving a noncompliance notice from NASDAQ?

The company was granted a 180-day extension to regain compliance, which it successfully achieved by maintaining a closing bid price above $1.00.

What is the stock symbol for Pyxis Tankers?

The stock symbol for Pyxis Tankers is PXS.