TOP Ships Inc. Announces Receipt of Nasdaq Notice

Rhea-AI Summary

TOP Ships Inc. received notification from Nasdaq on May 18, 2022, indicating its common stock's closing bid price has been below $1.00 for the last 30 consecutive business days. This notification implies the company no longer meets Nasdaq's minimum bid price requirement. The grace period for compliance extends 180 days, ending on November 14, 2022. TOP Ships is considering options, including a reverse stock split, to regain compliance. Their business operations remain unaffected by this notification.

Positive

• The company is actively monitoring its stock price to regain compliance with Nasdaq's listing requirements.
• TOP Ships has a 180-day grace period to meet the minimum bid price, allowing time for stock recovery.

Negative

• The company's stock has consistently closed below the $1.00 minimum bid price, which indicates potential lack of investor confidence.
• If compliance is not achieved, there may be significant consequences for the company's market presence.

ATHENS, Greece, May 20, 2022 (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 May 18, 2022, 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 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until November 14, 2022. The Company intends to monitor the closing bid price of its common stock between now and November 14, 2022 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 did TOP Ships announce on May 20, 2022 regarding Nasdaq compliance?

TOP Ships announced that it received notification from Nasdaq that its stock price had been below $1.00 for 30 consecutive business days, violating Nasdaq's minimum bid price requirement.

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

TOP Ships has a grace period of 180 days, until November 14, 2022, to regain compliance with the minimum bid price requirement.

What options is TOP Ships considering to regain Nasdaq compliance?

TOP Ships is considering options including a reverse stock split to raise its stock price above $1.00.

What impact does the Nasdaq notification have on TOP Ships' operations?

The notification does not affect TOP Ships' business operations; however, it poses a risk to their stock market status.

What happens if TOP Ships fails to meet the Nasdaq minimum bid price requirement?

If TOP Ships fails to regain compliance within the grace period, it may face delisting from the Nasdaq Capital Market.