November 4, 2008
U.S. Shipping Partners to seek OTC listing
U.S. Shipping Partners L.P. today filed a form 8-K with the SEC saying that it is in discussions with market makers to arrange for its units to be tradeable on the OTC bulletin board beginning November 6, 2008.
This follows a New York Stock Exchange announcement on October 30 that the partnership's common units would be suspended prior to the market opening on Thursday, November 6, 2008.
The suspension decision was reached in view of the fact that the partnership has fallen below the New York Stock Exchange’s continued listing standard regarding average global market capitalization over a consecutive 30 trading day period of not less than $25 million, which is the minimum threshold for listing.