World News
Golden Ocean Warned of NASDAQ Delisting Risk
Golden Ocean Group Ltd (Golden Ocean) [NASDAQ:GOGL] Tuesday announced that it received a letter from NASDAQ Stock Market LLC (NASDAQ) dated February 18, 2016, notifying the company that it failed to meet the minimum $1.00 per share bid price required for continued listing on the NASDAQ Capital Market for 30 consecutive business days, from January 5 to February 17.
The news comes following Golden Ocean's announcement on Friday that it had successfully completed private placement of $200 million in new shares.
"The company intends to cure the deficiency within the prescribed grace period. During this time, the company's common stock will continue to be listed and trade on the NASDAQ Capital Market," stated Golden Ocean, adding that its business operations will not be affected in light of the NASDAQ notification.
Golden Ocean has 180 days, or until August 16, to regain compliance with the listing rule by obtaining a closing bid price on its common shares of $1.00 per share or higher for at least 10 straight business days.
"The Company intends to monitor the closing bid price of its common stock between now and August 16, 2016 and is considering its options, including a reverse stock split, in order to regain compliance with the NASDAQ Capital Market minimum bid price requirement," said Golden Ocean.
In January, Ship & Bunker reported that fellow listed carrier Star Bulk Carriers Corp. (Star Bulk) received notification that it had similarly failed to meet the NASDAQ Global Select Market minimum bid price requirement, facing delisting if compliance is not regained.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 511.00 | 6.50 | 590.50 | 2.00 |
| Rotterdam | 451.00 | 7.00 | 597.00 | 8.00 |
| Houston | 450.50 | 4.50 | 602.50 | 14.50 |
| Fujairah | 498.00 | 3.50 | 710.00 | 3.00 |
| Global 20 Ports Average | 526.00 | 6.50 | 700.50 | 6.50 |
| Global 4 Ports Average | 477.50 | 5.50 | 625.00 | 6.00 |
| Global Average Bunker Price | 564.50 | 3.50 | 747.50 | 2.00 |
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