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Limassol, Cyprus - October 19, 2023 Castor Maritime Inc. (NASDAQ: CTRM), ("Castor", or the "Company"), a diversified global shipping company, announces the receipt of a notification letter on October 18, 2023 from The Nasdaq Stock Market ("Nasdaq") granting the Company an additional 180-day extension to April 15, 2024 (the "Second Compliance Period") to regain compliance with Nasdaq's $1.00 per share minimum bid price requirement (the "Minimum Bid Price Requirement") for continued listing of the Company's common shares on the Nasdaq Capital Market. As previously reported on April 21, 2023, the Company received written notification from Nasdaq that it was no longer in compliance with the Minimum Bid Price Requirement. The Company can cure this deficiency if the closing bid price of its common shares is $1.00 per share or higher for at least ten consecutive business days during the Second Compliance Period. The Company intends to regain compliance with the Minimum Bid Price Requirement within the Second Compliance Period and is considering all available options, including a reverse stock split, for which it has received shareholder approval. During the Second Compliance Period, the Company's common stock will continue to be listed and trade on the Nasdaq Capital Market. If the Company does not regain compliance within the Second Compliance Period, the Company's common stock will be subject to delisting by Nasdaq. The Company's business operations are not affected by the receipt of the notification. About Castor Maritime Inc. Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels. Castor owns a fleet of 20 vessels, with an aggregate capacity of 1.6 million dwt, currently consisting of one Capesize vessel, six Kamsarmax vessels, which include the M/V Magic Argo which the Company agreed to sell on September 22, 2023, eleven Panamax dry bulk vessels and two 2,700 TEU containership vessels. For more information, please visit the Company's website at www.castormaritime.com. Information on our website does not constitute a part of this press release. Castor Maritime press release 
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