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Athens, Greece, March 8, 2016 - Globe Newswire FreeSeas Inc. (FREE) ("FreeSeas" or the "Company"), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize vessels and an owner of a controlling stake in a company commercially operating tankers, announced today that on March 2, 2016, the Company received notice from the Listing Qualifications Staff of The NASDAQ Stock Market LLC (the "Staff") indicating that unless the Company timely requests a hearing before the Nasdaq Listing Qualifications Panel (the "Panel"), its securities would be subject to delisting from The Nasdaq Capital Market based upon its non-compliance with the minimum bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2), and concerns raised by the Staff, pursuant to the Staff's discretionary authority under Nasdaq Listing Rule 5101, regarding the Company's ability to remedy the bid price deficiency in light of dilution that may occur from financing transactions. The Company intends to timely request a hearing before the Panel, at which hearing it will present its plan to regain and sustain compliance with the bid price requirement and otherwise address the Staff's concerns in connection therewith. The Company's request for a hearing will stay any delisting action and the Company's common stock will continue to trade on The Nasdaq Capital Market at pending the issuance of the Panel's decision following the hearing and the expiration of any extension granted by the Panel. About FreeSeas Inc. FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers and also is an owner of a controlling stake in a company commercially operating tankers. Currently, it has a fleet of Handysize vessels. FreeSeas' common stock trades on the Nasdaq Capital Market under the symbol FREE. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the SEC, which can be obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc., please visit the corporate website, www.freeseas.gr. FreeSeas Inc. press release |
