FreeSeas Common Stock to Transition from NASDAQ to OTCQB Venture Market
April 28 2016 - 11:46AM
Athens, Greece, April 22, 2016 --
FreeSeas Inc. (Nasdaq:
FREE) (“FreeSeas” or the “Company”), a transporter of
dry-bulk cargoes through the ownership and operation of a fleet of
Handysize vessels and an owner of a controlling stake in a company
commercially operating tankers, announced today that on April 21,
2016, the Company was notified by The NASDAQ Stock Market LLC
("NASDAQ") that its pending appeal before the NASDAQ Listing
Qualifications Hearing Panel had been denied, and that trading in
the Company's common stock will be suspended on NASDAQ effective
with the open of business on Monday April 25, 2016.
The Company has been approved for trading on the
OTCQB® Venture Market, operated by OTC Markets Group Inc., and
expects its common stock to begin trading on OTCQB effective April
25, 2016 under its current trading symbol "FREE." Beginning Monday,
April 25, 2016, investors will be able to view real-time best bid
and ask quotes for "FREE" at http://www.otcmarkets.com and through
most online broker websites.
This transition to the OTCQB market does not
affect the Company's business operations and implementation of a
reverse stock split is not required for the trading of the
Company’s common stock to transition to OTCQB. The Company will
continue to file periodic and certain other reports with the
Securities and Exchange Commission under applicable federal
securities laws.
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation
with principal offices in Athens, Greece. FreeSeas is engaged in
the transportation of drybulk cargoes through the ownership and
operation of drybulk carriers and also is an owner of a controlling
stake in a company commercially operating tankers. Currently, it
has a fleet of Handysize vessels. FreeSeas' common stock trades on
the Nasdaq Capital Market under the symbol FREE. Risks and
uncertainties are described in reports filed by FreeSeas Inc. with
the SEC, which can be obtained free of charge on the SEC's website
at http://www.sec.gov. For more information about FreeSeas Inc.,
please visit the corporate website, www.freeseas.gr.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and the Company's growth
strategy and measures to implement such strategy. Words such as
''expects,'' ''intends,'' ''plans,'' ''believes,'' ''anticipates,''
''hopes,'' ''estimates,'' and variations of such words and similar
expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to be correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, changes in the demand
for dry bulk vessels; competitive factors in the market in which
the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Contact Information:At
the Company
FreeSeas Inc.Dimitris Papadopoulos, Chief
Financial Officer011-30-210-45-28-770Fax:
011-30-210-429-10-10dp@freeseas.grwww.freeseas.gr
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