TOP Ships Inc. Announces Receipt of Nasdaq Notice

Rhea-AI Summary

TOP Ships Inc. announced it has received a notification from Nasdaq indicating that its common stock has been trading below the minimum bid price of $1.00 for the last 30 consecutive business days. This notification, dated April 21, 2023, states that the company is non-compliant with Nasdaq Listing Rule 5550(a)(2). The company has a 180-day grace period, expiring on October 18, 2023, to regain compliance by maintaining the stock price at $1.00 or higher for at least ten consecutive business days. TOP Ships is considering options such as a reverse stock split to meet this requirement. The company's operations remain unaffected by this notification and its stock will continue to be listed on the Nasdaq during this period.

Positive

• The company has a grace period of 180 days to regain compliance with Nasdaq requirements.
• TOP Ships intends to monitor its stock price to rectify the situation.

Negative

• Current stock price is below $1.00, indicating a risk of delisting from Nasdaq.
• The company may need to consider a reverse stock split to comply with Nasdaq rules.

ATHENS, Greece, April 25, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated April 21, 2023, indicating that because the closing bid price of the Company's common stock for the last 30 consecutive business days was below $1.00 per share, the Company no longer meets the minimum bid price requirement for the Nasdaq Capital Market, set forth in Nasdaq Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until October 18, 2023. The Company intends to monitor the closing bid price of its common stock between now and October 18, 2023 and is considering its options, including a reverse stock split, in order 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. 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 TOP Ships Inc.

TOP Ships Inc. is an international ship-owning company.
For more information about TOP Ships Inc., visit its website: www.topships.org.

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.

Contacts:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.        
Tel: +30 210 812 8107
Email: atsirikos@topships.org

FAQ

What is the current stock status of TOP Ships as of April 2023?

TOP Ships Inc. has received a warning from Nasdaq due to its stock trading below $1.00.

How long does TOP Ships have to regain compliance with Nasdaq?

TOP Ships has a 180-day grace period until October 18, 2023, to regain compliance.

What are the consequences of not meeting Nasdaq's compliance requirement?

If TOP Ships does not meet the compliance requirement, it risks delisting from the Nasdaq.

What actions is TOP Ships considering to comply with Nasdaq rules?

TOP Ships is considering options including a reverse stock split to regain compliance.

Is TOP Ships' business operations affected by the Nasdaq notification?

No, TOP Ships' business operations are not affected by the Nasdaq notification.