Excel Maritime Carriers Ltd. Announces Receipt of NYSE Notice of Non-Compliance
Excel Maritime Carriers Ltd. (NYSE: EXM) announced today that it received notice from the New York Stock Exchange (the "NYSE"), dated June 21, 2012, that the Company is no longer in compliance with the NYSE's continued listing standards because the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period.
Pursuant to the NYSE's rules, the Company has a six-month cure period following receipt of the NYSE notice to bring its share price and average share price above $1.00. During this time, the Company's common stock will continue to be listed and trade on the NYSE.
The Company will continue to monitor the situation and intends to cure this deficiency in accordance with the NYSE rules.
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