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Athens, Greece - April 22, 2016 - Globe Newswire FreeSeas Inc. (Nasdaq: 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 April 21, 2016, the Company was notified by The NASDAQ Stock Market LLC ("NASDAQ") that its pending appeal before the NASDAQ Listing Qualifications Hearing Panel had been denied, and that trading in the Company's common stock will be suspended on NASDAQ effective with the open of business on Monday April 25, 2016. The Company has been approved for trading on the OTCQB® Venture Market, operated by OTC Markets Group Inc., and expects its common stock to begin trading on OTCQB effective April 25, 2016 under its current trading symbol "FREE." Beginning Monday, April 25, 2016, investors will be able to view real-time best bid and ask quotes for "FREE" at http://www.otcmarkets.com and through most online broker websites. This transition to the OTCQB market does not affect the Company's business operations and implementation of a reverse stock split is not required for the trading of the Company’s common stock to transition to OTCQB. The Company will continue to file periodic and certain other reports with the Securities and Exchange Commission under applicable federal securities laws. 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 |
