Harry Vafias-backed spin-off C3is is grappling with the risk of being delisted from Nasdaq after receiving a staff determination letter from the stock exchange’s listing qualifications department.
The Athens-based bulker and tanker company, which has already been facing issues with failing to meet minimum share-price requirements for trading below $1 for thirty consecutive days, has recently been informed that the stock’s closing bid price falling further to $0.10 or less for 10 days in a row had prompted Nasdaq’s decision to delist.
C3is has been granted until March 22, 2024, to appeal this determination, and the company has announced that it intends to request a hearing before a Nasdaq hearings panel, which should delay the delisting process until the panel reaches a decision. Hearings typically occur within 30 to 45 days following the request.
C3is was formed as…
