TOP Ships Inc. Announces Receipt of Nasdaq Notice
January 28 2022 - 4:30PM
TOP Ships Inc. (the “Company”), an international owner and operator
of modern, fuel efficient "ECO" tanker vessels, announced today
that it has received written notification from The Nasdaq Stock
Market (“Nasdaq”) dated January 26, 2022, indicating that because
the closing bid price of the Company's common stock for the last 30
consecutive business days was below $1.00 per share, the Company no
longer meets the minimum bid price requirement for the Nasdaq
Capital Market, set forth in Nasdaq Listing Rule 5450(a)(1).
Pursuant to the Nasdaq Listing Rules, 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,
including a reverse stock split, 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. The Company
intends to cure the deficiency within the prescribed 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.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company.For more
information about TOP Ships Inc., visit its
website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words “believe,” “anticipate,”
“intends,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“may,” “should,” “expect” “pending” and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe 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, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
Contacts:Alexandros TsirikosChief Financial
OfficerTOP Ships
Inc. Tel: +30 210
812 8107Email: atsirikos@topships.org
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