Athens, Greece - May 25, 2017
Diana Containerships Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships, announced today it has received written notification from The Nasdaq Stock Market ("Nasdaq") dated May 22, 2017, indicating that because the closing bid price of the Company's common stock for 30 consecutive business days, from April 6, 2017 to May 19, 2017, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until November 20, 2017.
The Company intends to monitor the closing bid price of its common stock between now and November 20, 2017 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Global 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.
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 Global Market. The Company's business operations are not affected by the receipt of the notification.
About the Company
Diana Containerships Inc. is a global provider of shipping transportation services through its ownership of containerships. The Company’s vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes.
Diana Containerships Inc. press release