OceanFreight Inc. Regains Compliance With NASDAQ Minimum Bid Price Requirement
22 July 2011 - 6:05AM
Marketwired
OceanFreight Inc. (NASDAQ: OCNF) (the "Company") today announced
that it has regained compliance with the minimum bid price
requirement set forth in NASDAQ Listing Rule 5450(a)(1).The Company
received a letter from The NASDAQ Stock Market (the "NASDAQ") dated
July 20, 2011 confirming that the closing bid price of the
Company's common stock has been at $1.00 per share or greater for
at least 10 consecutive business days, from July 6, 2011 through
July 19, 2011.
As previously announced, on January 25, 2011, the Company
received a notice from the NASDAQ staff indicating that the Company
was not in compliance with the $1.00 minimum bid price requirement
for continued listing on the NASDAQ Global Market, as set forth in
Listing Rule 5450(a)(1). The Company was provided a grace period of
180 days to regain compliance with Listing Rule 5450(a)(1). As a
result of the Company having satisfied the minimum bid requirement
for at least 10 consecutive business days, the NASDAQ staff has
advised the Company that this matter is now closed.
About the Company
OceanFreight Inc. is an owner and operator of drybulk vessels
that operate worldwide. OceanFreight owns a fleet of eleven
vessels, comprised of six drybulk vessels (four Capesize and two
Panamaxes) and five newbuilding Very Large Ore Carriers (VLOC) with
a combined deadweight tonnage of about 1.9 million tons.
The Company's common stock is listed on the NASDAQ Global Market
where it trades under the symbol "OCNF."
Visit our website at www.oceanfreightinc.com.
Investor Relations/Media: Nicolas Bornozis Capital Link, Inc.
(New York) Tel: +1-212-661-7566 E-mail:
oceanfreight@capitallink.com
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