Ultrapetrol Announces Receipt of Nasdaq Notice
Ultrapetrol (Bahamas) Limited (Nasdaq: ULTR), an industrial transportation company serving marine transportation needs in three markets (River Business, Offshore Supply Business and Ocean Business), today announced that it has received written notification from The Nasdaq Stock Market ("Nasdaq") dated September 11, 2012, indicating that because the closing bid price of the Company's common stock for the previous 30 consecutive business days 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 the applicable Nasdaq Listing Rule. The applicable grace period to regain compliance is 180 days from the date of the written notification.
This notification has no effect on the listing of the Company's common stock at this time.
In order to regain compliance, the closing bid price of the Company's common stock must be at least $1 for a minimum of 10 consecutive business days at any time during the 180-day period. The Company intends to monitor the closing bid price of its common stock between now and March 11, 2013 and is considering its options in order to regain compliance with the Nasdaq Global Market minimum bid price requirement.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.