Seanergy announced that it has received written notification from Nasdaq dated January 26, 2022, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from December 13, 2021 to January 25, 2022, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until July 25, 2022.
The Company intends to monitor the closing bid price of its common stock between now and July 25, 2022 and is considering its options 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. 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.
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.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“For the reasons discussed in recent press releases, including what we believe to be strong signs of recovery in the freight market, we reiterate our firm belief that our shares are currently significantly undervalued. Therefore, we are optimistic that this will be cured organically within the prescribed grace period, without the need to effect a reverse stock split. We last received a Nasdaq notice regarding a bid price deficiency in September 2020, which was cured in February 2021 without a reverse stock split, through a natural recovery in our share price.”