ATHENS - C3is Inc. (NASDAQ:CISS), a maritime transportation company, is confronting the risk of being delisted from the Nasdaq Capital Market after receiving a staff determination letter from Nasdaq's Listing Qualifications Department.
The notice, dated March 15, 2024, informed the company that its common stock had been trading below the minimum required bid price for ten consecutive days, up to March 14, 2024.
According to the Nasdaq Listing Rule 5810(c)(3)(A)(iii), the stock's closing bid price fell to $0.10 or less, prompting the decision to delist. C3is Inc. has been granted until March 22, 2024, to appeal this determination.
The company has announced that it intends to request a hearing before a Nasdaq Hearings Panel, which will delay the delisting process until the panel reaches a decision. Hearings typically occur within 30-45 days following the request.
While this appeal is pending, C3is Inc.'s common stock will continue to be traded on the Nasdaq Capital Market under the ticker symbol CISS. The company had previously disclosed non-compliance with another Nasdaq requirement, Rule 5550(a)(2), due to its share price being below $1.00 for thirty consecutive trading days.
To address this issue, C3is Inc. is considering various options, including a potential reverse stock split.
C3is Inc. specializes in the ownership and operation of vessels for dry bulk and crude oil seaborne transportation services. The company's fleet comprises two handysize dry bulk carriers and an Aframax oil tanker, with a combined carrying capacity of approximately 179,800 deadweight tons.
The company's forward-looking statements indicate its intention to regain compliance with Nasdaq's listing requirements and its belief in the possibility of a positive outcome from the appeal process. However, as these statements are based on assumptions subject to uncertainties, the future trading status of C3is Inc. on Nasdaq remains uncertain.
This news is based on a press release statement from C3is Inc. and reflects the latest developments concerning the company's compliance with Nasdaq's listing rules.
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