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Nasdaq Capital Market News

18 Nov 2022

Castor Maritime to Spin-off Its Tanker Fleet

Bulk carrier and tanker owner Castor Maritime this week announced plans to spin off its tanker fleet into a new subsidiary called Toro.Nasdaq-listed Castor, which owns a fleet of 20 bulk carriers and eight tankers, said the newly formed Toro would act as the holding company for the tanker fleet comprising one Aframax, five Aframax/LR2 and two Handysize tankers.In the spin-off, Castor shareholders will receive two common shares of Toro for every five Castor common shares held at the close of business on December 6, 2022. Toro has applied to have its common shares listed on the Nasdaq Capital Market. "The transaction is expected to enable each of Castor and Toro to increase its focus on its respective line of businesses…

19 Oct 2021

Diana Shipping Forms Spin-off OceanPal

(Photo: Diana Shipping)

Dry bulk shipping company Diana Shipping Inc. announced Tuesday that, through a wholly-owned subsidiary, it has filed a registration statement on Form 20-F pursuant to the Securities Exchange Act of 1934 to effect a spin-off of three of the company’s older dry bulk vessels. OceanPal Inc., the newly formed subsidiary that will act as the holding company for the three dry bulk vessels, has applied to have its common shares listed on the Nasdaq Capital Market.In connection with the spin-off transaction…

14 Oct 2019

SPII Holdings Finalizes Acquisition of DryShips

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.In connection with the completion of the transaction, the DryShips’ common stock will cease to trade on the Nasdaq Capital Market and will be delisted.Evercore acted as financial advisor and Fried…

21 Aug 2019

TOP Ships in 1-for-20 Reverse Stock Split

Greek provider of oil, petroleum products and chemicals transportation services TOP Ships Inc. announced that it has determined to effect a 1-for-20 reverse stock split of the its  issued common shares.The Greek company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on August 7, 2019.The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the NASDAQ Capital Market, as of the opening of trading on Thursday, August 22, 2019 under the existing ticker symbol "TOPS".

31 May 2018

Euroseas Completes EuroDry Spinoff

Euroseas announced  that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands. EuroDry operates in the dry cargo, drybulk shipping markets. EuroDry’s operations are managed by Eurobulk. Euroseas operates in the container shipping markets. Euroseas' operations are also managed by Eurobulk.

08 May 2018

Euroseas Spins Off Its Drybulk Fleet

Greece-based owner of containerships and bulk carriers Euroseas has spun off its drybulk fleet into a separate company. The Company announced that it filed a registration statement on Form F-1 with the Securities and Exchange Commission to spin-off the Company's drybulk fleet into a separate company, EuroDry Ltd., which has applied for listing on the NASDAQ Capital Market. "We believe that separate drybulk and containership investment options will give our shareholders the flexibility to adjust their holdings, if they so wish, between the two sectors,: he added. "We plan to take advantage of growth opportunities in each of the two sectors…

09 Dec 2016

Seanergy Maritime Prices $ 15 mi Offering

Seanergy Maritime Holdings Corp. announced today the pricing of its $15 million public offering of 10,000,000 common shares and class A warrants, at a combined price to the public of $1.50 per common share and class A warrant. The offering is expected to close on or about December 13, 2016. The Company estimates that the net proceeds from the offering, after deducting the underwriting discount and offering expenses, will be approximately $13,380,000. The net proceeds of the offering are expected to be used for debt repayment, vessel acquisitions in accordance with the Company’s growth strategy and general corporate purposes. Maxim Group LLC is acting as sole manager for the offering.

15 Nov 2016

Hunter Maritime Acquisition Launches IPO

Hunter Maritime Acquisition Corp. announced the commencement of its initial public offering of 15,000,000 units at a price of $10.00 per unit. Each unit consists of one Class A common share of the company and one-half of one warrant, each whole warrant entitling the holder thereof to purchase one Class A common share of the company. The company will grant the underwriters a 45-day option to purchase up to 2,250,000 additional units. The units are expected to be listed on the NASDAQ Capital Market (“NASDAQ”) and trade under the ticker symbol “HUNTU”. Once the securities composing the units begin separate trading, the Class A common shares and warrants are expected to be listed and trade on NASDAQ under the symbols “HUNT” and “HUNTW,” respectively.

11 Oct 2016

Globus Maritime Mulls 1-for-4 Reverse Stock Split

Globus Maritime Limited, a dry bulk shipping company, announced that its Board of Directors has determined to effect a 1-for-4 reverse stock split of the Company's common shares. At the Company's annual general meeting of shareholders on September 8, 2016, the Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact reverse split ratio and proceed with the reverse stock split. The reverse stock split will take effect, and the Company's common stock will begin trading on a split-adjusted basis on the Nasdaq Capital Market, as of the opening of trading on October 20, 2016 under the existing trading symbol "GLBS." The new CUSIP number for the common stock following the reverse stock split is Y27265308.

09 Mar 2016

Dryships Sinks Into Loss

DryShips Inc. (NASDAQ:DRYS), or DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial and operating results for the quarter ended December 31, 2015. * For the fourth quarter of 2015, the Company reported a net loss of $527.6 million, or $0.79 basic and diluted loss per share. - Vessel impairment charges and non-cash losses, of $119.1 million, or $0.18 per share. - Non-cash write down of our investment in Ocean Rig of $310.5 million, or $0.47 per share. Excluding these impairment charges and losses, the Company’s net results would have amounted to a net loss of $98.0 million, or $0.14 per share. * The Company reported negative Adjusted EBITDA of $14.8 million for the fourth quarter of 2015.

11 Nov 2015

Nasdaq's Second Delisting Warning to Globus Maritime

Nasdaq-listed Greek dry bulk shipowner Globus Maritime has received notification from Nasdaq indicating it is in breach of Nasdaq Global Market requirements because the closing bid price of the company’s common stock has been under $1 for the last 30 consecutive business days. The Company no longer meets the minimum bid price continued listing requirement for the Nasdaq Global Market, as set forth in Nasdaq Listing Rule. Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until May 9, 2016. The Company intends to monitor the closing bid price of its common stock between now and May 9, 2016 and is considering its options…

05 Feb 2015

Seanergy Maritime Receives NASDAQ Notice

Seanergy Maritime Holdings Corp. announced yesterdat that it has received written notification from The Nasdaq Stock Market dated January 28, 2015, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from December 12, 2014 to January 27, 2015, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). 27, 2015. The Company intends to monitor the closing bid price of its common stock between now and July 27, 2015 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement.

13 Aug 2013

NASDAQ Grants Extension to Seanergy

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.

12 Jun 2013

Seanergy Reports First Profitable Quarter Since 2011

Seanergy Maritime Holdings Corp. announced its financial results for the first quarter ended March 31, 2013. -Net Revenues of $5.6 million. -EBITDA of $3.8 million. -Net Income of $1.1 million. -Debt reduction of $31.8 million, or approximately 15% of the company’s outstanding indebtedness. “I am pleased to announce our first profitable financial quarter since 2011, despite the challenging dry bulk market conditions. Our net income was $1.1 million compared to a net loss of $6.4 million for the same period last year. During the first quarter of 2013 charter rates continued to deteriorate and our average daily Time Charter Equivalent (“TCE”) rate decreased to $6,004 per vessel as compared to $9,546 in the first quarter of 2012.

22 Jan 2013

Nautilus Marine Extends Acquisition Tender Offer

Nautilus Marine Acquisition Corp. extends its tender offer for Assetplus Ltd. until end of January 2013. The completion of the tender offer is a condition to Nautilus' previously announced acquisition of Assetplus Limited. The extension is being made to comply with the rules and procedure requirements of the Securities Exchange Commission. Except for such extension, all of the terms and conditions set forth in the tender offer materials filed with the U.S. Securities and Exchange Commission on December 7, 2012, as amended, remain unchanged. Shareholders who support the Company's business transaction with Assetplus should not tender their common shares in the tender offer…

07 Jul 2006

ACL Joins New NASDAQ Global Select Market

American Commercial Lines Inc. announced that it has recently been added to the Russell 2000 Index and the NASDAQ Global Select Market. For ACL, membership in the Russell 2000 which remains in place for one year, includes automatic inclusion into the Russell 3000 Index as well as the appropriate growth and style indexes. Russell determines membership for its equity indexes primarily by objective, market capitalization rankings and style attributes. ACL was also added to the new NASDAQ Global Select Market. The NASDAQ Global Select Market has the highest initial listing standards of any exchange in the world based on financial and liquidity requirements. Prior to the change, the company had been listed on the NASDAQ National Market.