Market Overview

FreeSeas Announces Receipt of NASDAQ Non-Compliance Letters


FreeSeas Inc. (Nasdaq: FREE) announced today that the Company received letters dated June 21, 2012 and June 25, 2012 from The Nasdaq Stock Market stating that for the previous 30 consecutive business days, the bid price of the Company's common stock closed below the minimum $1.00 per share and the market value of the Company's publicly held common stock ("MVPHS") was below the minimum of $5,000,000. These are both requirements for continued listing on the Nasdaq Global Market pursuant to Nasdaq Marketplace Rules 5450(a)(1) (the "Minimum Bid Price Rule") and 5450(b)(1) (the "MVPHS Rule"), respectively. The Nasdaq letters have no immediate effect on the listing of the Company's common stock.

Posted-In: News Legal Markets


Related Articles (FREE)

View Comments and Join the Discussion!

PTO Issues New Patent to Star Scientific Covering Synthesis of Anatabine

Longwei Petroleum Reports April and May 2012 Revenues Up 4.6% Year-Over-Year to $89.0 Million