Globus, a dry bulk shipping company, announced that it has received a positive determination from the Nasdaq Stock Market granting approval of the Company’s request to transfer its listing to the Nasdaq Capital Market from the Nasdaq Global Market.
As previously reported on a Current Report on Form 6-K filed with the Securities and Exchange Commission on November 27, 2015, the Company was notified by Nasdaq on October 22, 2015 that it no longer satisfied the minimum market value of publicly held shares (“MVPHS”) continued listing requirement for the Nasdaq Global Market, as set forth in the Nasdaq Listing Rule 5450(b)(1)(C), because for 30 consecutive business days the MVPHS was below the minimum requirement of $5,000,000. In anticipation of not meeting the minimum MVPHS requirement by April 19, 2016, the end of its 180-day grace period to regain compliance, the Company applied to transfer the listing of its stock to the Nasdaq Capital Market.
The Company’s securities will begin trading on the Nasdaq Capital Market effective at the opening of business on Monday, April 11, 2016. The Company’s shares will continue to trade under the symbol “GLBS”. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market. All listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance.