Seanergy Maritime Holdings Corp. announced today that it has received a notice from the Nasdaq Capital Market dated August 7, 2013 granting the company an extension of time until October 28, 2013 to regain compliance with the NASDAQ Listing Rule 5550(b)(1).
Under the terms of the extension, on or before October 28, 2013, the company must furnish to the Securities and Exchange Commission and NASDAQ a publicly available filing that, among other things, evidences compliance with the minimum $2.5 million stockholders' equity requirement. In the event the company does not satisfy the terms of the extension, the company expects to be notified that its securities will be subject to delisting. At that time, the company may appeal NASDAQ’s determination to a Hearings Panel.
Seanergy is working on implementing a plan that it will enable to regain compliance with the NASDAQ Listing Rule 5550(b)(1) by October 28, 2013.