C3is Inc. Granted 180-Day Extension by Nasdaq to Regain Compliance With Minimum Bid Price Rule
February 22 2024 - 7:00AM
C3is Inc. (Nasdaq: CISS) (the “Company”), a ship-owning company
providing dry bulk and crude oil tanker seaborne transportation
services, today announced that the Company received formal
notification from the Listing Qualification Department of
the Nasdaq Stock Market (“Nasdaq”) notifying the Company
that it has been granted an additional 180-day compliance period,
or until August 19, 2024, to regain compliance with the
minimum $1.00 bid price per share requirement of Nasdaq’s
Marketplace Rule 5550(a)(2) (the “Rule”).
If at any time until August 19, 2024, the bid price of the
Company’s common stock closes at or above $1.00 per share
for a minimum of 10 consecutive trading days, the Company will
regain compliance with the Rule, and the matter will be closed.
In accordance with Nasdaq Marketplace Rule 5810(c)(3)(A), Nasdaq
staff determined that the Company was eligible for an additional
180-day period to regain compliance based on the Company meeting
the continued listing requirement for the market value of publicly
held shares and all other applicable requirements for initial
listing on the Nasdaq Capital Market, with the exception of
the bid price requirement, and the Company’s written notice of its
intention to cure the deficiency during the second compliance
period and, if necessary, do so by effecting a reverse stock
split.
If the Company does not meet the minimum bid price requirement
during the additional 180-day grace period, Nasdaq will provide
written notification to the Company that its shares will be subject
to delisting. At such time, the Company may appeal the delisting
determination to a Nasdaq Hearings Panel. The Company would
remain listed pending the Panel’s decision. There can be no
assurance that if the Company does appeal a subsequent delisting
determination, that such appeal would be successful.
This current notification from Nasdaq has no immediate effect on
the listing or trading of the Company’s shares of common stock,
which continue to be listed and trade on The Nasdaq Capital
Market.
ABOUT C3IS INC.
C3is Inc. is a ship-owning company providing dry bulk and crude
oil seaborne transportation services. The Company owns three
vessels, two handysize dry bulk carriers with a total capacity of
64,000 deadweight tons (dwt) and an Aframax oil tanker with a cargo
carrying capacity of approximately 115,800 dwt, resulting with a
fleet total capacity of 179,800 dwt. C3is Inc.’s shares of Common
Stock are listed on the Nasdaq Capital Market and trade under the
symbol “CISS.”
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views
with respect to future events and financial performance, including
statements regarding the Company’s expectation regarding the intent
and plan of the Company to regain compliance with the minimum bid
price requirement, and the anticipated actions by the Nasdaq Staff
and the Company’s responses and their anticipated outcome, which
are other than statements of historical facts. The forward-looking
statements in this release are based upon various assumptions, many
of which are based, in turn, upon further assumptions, including
without limitation, management’s examination of historical
operating trends, data contained in our records and other data
available from third parties. Although C3IS INC. believes that
these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, C3IS INC. cannot assure you that it will
achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include risks discussed in our filings with the SEC and
the following: the strength of world economies and currencies,
general market conditions, including changes in charter hire rates
and vessel values, charter counterparty performance, changes in
demand that may affect attitudes of time charterers to scheduled
and unscheduled dry-dockings, shipyard performance, changes in C3IS
INC’s operating expenses, including bunker prices, dry-docking and
insurance costs, ability to obtain financing and comply with
covenants in our financing arrangements, or actions taken by
regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions, the
conflict in Ukraine and related sanctions, the conflict in Israel
and Gaza, potential disruption of shipping routes due to ongoing
attacks by Houthis in the Red Sea and Gulf of Aden or accidents and
political events or acts by terrorists.
Company Contact:
Nina PyndiahChief Financial OfficerC3IS INC.
00-30-210-6250-001E-mail: info@c3is.pro
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