ATHENS, Greece, Nov. 17, 2015 /PRNewswire/ -- Box Ships
Inc., or the "Company", a global shipping company specializing in
the transportation of containers, today announced that the New York
Stock Exchange, or the NYSE, has notified the Company that the NYSE
intends to apply to the Securities and Exchange Commission to
delist the common stock of the Company, trading under the ticker
TEU, from the NYSE. The Company's preferred stock trading
under the ticker TEU PR C will also be delisted from the NYSE. The
NYSE also informed the Company that trading in the Company's common
stock and preferred stock has been suspended following the close of
business on November 17, 2015. The
NYSE reached its decision to delist the Company's common stock and
preferred stock pursuant to Section 802.01B of the NYSE's Listed
Company Manual because the Company fell below the NYSE's continued
listing standard requiring listed companies to maintain an average
global market capitalization over a consecutive 30 trading-day
period of at least $15,000,000.
The Company will continue to file periodic and other reports
with the Securities and Exchange Commission pursuant to the
Exchange Act of 1934, as amended, and other federal securities
laws.
The Company has commenced proceedings to have its common stock
trade on the OTCQX Best Market, the highest tier of the U.S.
over-the-counter market. The trading of the Company's common stock
is expected to commence on OTCQX on November
18, 2015.
In addition, the Company has applied to transfer the listing of
its securities to the Nasdaq Capital Market upon satisfaction of
the relevant listing requirements, including maintaining a minimum
bid price for the Company's common shares. Subject to the
approval of the Company's shareholders, the Company intends to
effect a reverse stock split in order to satisfy the minimum bid
price requirement of the Nasdaq Capital Market.
For additional up to date information on the Company, please go
to our website at www.box-ships.com. Information contained on
the Company's website does not constitute a part of this press
release.
About Box Ships Inc.
Box Ships Inc. is an Athens,
Greece-based international shipping company specializing in
the transportation of containers. The Company's current fleet
consists of nine containerships with a total carrying capacity of
43,925 TEU and a TEU weighted average age of 10.8 years.
Contacts
Box Ships Inc.
+30 210-891-4600
ir@box-ships.com
DresnerAllenCaron
Michael
Mason (Investors)
MMason@DresnerAllenCaron.com
(212) 691-8087
Len Hall (Media)
len@allencaron.com
(949) 474-4300
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/box-ships-inc-announces-delisting-from-nyse-and-trading-on-the-otcqx-market-300180550.html
SOURCE Box Ships Inc.
