Performance Shipping receives Nasdaq minimum share price non-compliance notice
Performance Shipping has received written notification from Nasdaq indicating that because the closing bid price of the company's common stock for 30 consecutive business days, from July 24 to September 5, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Select Market, the company is not in compliance with Nasdaq listing rules. The applicable grace period to regain compliance is 180 days, or until March 4, 2020. The company intends to monitor the closing bid price of its common stock during this grace period and will consider its options, including a reverse stock split, in order to regain compliance. The In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the company may be eligible for an additional 180-day grace period. The company intends to cure the deficiency within the prescribed grace period.