Ultrapetrol announced that it received notice from the Nasdaq Stock Exchange dated October 17, 2016, indicating that the Nasdaq Hearings Panel has denied the Company’s appeal for continued listing on the Nasdaq Capital Market.
The Company thereby remains out of compliance with the minimum bid price rule in Listing Rule 5550(a)(2), and trading of the Company’s shares of common stock on the Nasdaq Capital Market will be suspended, effective at the open of business on October 19, 2016. A Form 25 will be filed by Nasdaq with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on the Nasdaq Capital Market.
The Company’s securities may be eligible to be quoted as an OTC security. To be quoted as an OTC security, a market maker must sponsor the security and comply with SEC Rule 15c2-11 before it can initiate a quote in a specific security. While the Company is currently assessing the options available to enable continued trading of its common shares, there can be no assurance that a market maker will apply to quote the Company’s common stock or that the Company’s common stock will become eligible for trading as an OTC security.