Star Bulk announces receipt of Nasdaq notice
Star Bulk Carriers Corp. a global shipping company providing transportation solutions in the dry bulk sector, today announced that the Company received a letter from the Listing Qualifications department of The NASDAQ Stock Market LLC (“Nasdaq”), dated as of January 6, 2016, notifying the Company that the minimum bid price for its common shares was below $1.00 per share for a period o f 30 consecutive business days, and that the Company therefore did not meet the minimum bid price requirement for the Nasdaq Global Select Market, which is set forth in Nasdaq Listing Rule 5450(a)(1) . The Company’s common shares will continue to be listed on and trade on the Nasdaq Global Select Market under the symbol “SBLK”, as the Nasdaq notification letter does not result in the immediate delisting of the Company’s common shares. The Company's business operations are not affected by the notification let ter. The Company has a compliance period of 180 calendar days, or until July 5, 2016, to regain compliance with Nasdaq's minimum bid price requirement. Compliance would be regained if the minimum bid price for the Company’s common shares were to be at or a bove $1.00 per share for a minimum of 10 consecutive business days before the expiration of the grace period. If the Company does not regain compliance in that period, it may be eligible for an additional grace period if it satisfies the continued listing requirement for market value of publicly held shares and all other initial listing standards, with the exception of the bid price requirement, and provides written notice of its intention to cure the deficiency during the second compliance period . The Comp any intends to monitor the closing bid price of its common stock between now and July 5, 2016 and is considering all options that will allow its common shares to remain listed on the Nasdaq. About Star Bulk Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the M arshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK". On a fully delivered basis, Star Bulk will have a fleet of 80 vessels, with an aggre gate capacity of 9.0 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, Supramax and Handymax vessels with carrying capacities between 45,588 dwt and 209,537 dwt. Our fleet currently includes 70 operating vessels and 19 newbuilding vessels under construction at shipyards in Japan and China. Additionally, the Company has one chartered - in Supramax vessel, under a time charter expiring in September 2017.
