Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, announced that it has received written notification from The NASDAQ Stock Market LLC (“Nasdaq”) dated January 14, 2016, indicating that because the closing bid price of the Company’s common stock for the last 30 consecutive business days was below US$1.00 per share, the Company no longer meets the minimum bid price requirement for The Nasdaq Global Select 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 calendar days, or until July 12, 2016.
The notification letter has no effect at this time on the listing of the Company’s common stock, which continues to trade on The Nasdaq Global Select Market under the symbol “DCIX”.
The Company intends to monitor the closing bid price of its common stock between now and July 12, 2016 and it intends to complete a reverse stock split, in order to regain compliance with The Nasdaq Global Select Market minimum bid price requirement. Shareholder approval for the reverse stock split has been placed on the agenda for the Company’s 2016 Annual General Meeting to be held on February 24, 2016. The Company can also cure this deficiency if the closing bid price of its common stock is US$1.00 per share or higher for at least 10 consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period if it transfers to The Nasdaq Capital Market.
The Company intends to cure the deficiency within the prescribed grace period by completing the reverse stock split.
The Company’s business operations are not affected by the receipt of the notification.