Diana Containerships announced that it has received written notification from The Nasdaq Stock Market LLC (“Nasdaq”) dated July 31, 2017, indicating that the Company is no longer in compliance with the continued listing requirement under Nasdaq Listing Rule 5450(b)(1)(C) because the market value of publicly held shares (“MVPHS”) was below $5,000,000 for 30 consecutive business days.
Under Nasdaq rules, publicly held shares is defined as total shares outstanding, less any shares held directly or indirectly by officers, directors or any person who is the beneficial owner of more than 10% of the total shares outstanding of the Company.
Pursuant to Nasdaq Listing Rule 5810(c)(3)(D), the applicable grace period to regain compliance is 180 calendar days, or until January 29, 2018. The Company can cure this deficiency if the Company’s MVPHS closes at $5,000,000 or more for at least ten consecutive business days during the grace period.
The Company intends to monitor its MVPHS during the prescribed grace period and is considering all options that will allow its common shares to remain listed on Nasdaq. During this time, the Company’s common shares will continue to be listed and trade on The Nasdaq Global Select Market. The Company’s business operations are not affected by the receipt of the notification.