Tanker operator General Maritime Corporation (NYSE:GMR), whose founder and Chairman is Peter Georgiopoulos says it has received notice from the New York Stock Exchange, Inc. (the "NYSE") that it is no longer in compliance with the NYSE's continued listing standards because the per share price of the company's common stock has fallen below the NYSE's share price requirements. The NYSE requires the average closing price of a listed company's common stock to be at least $1.00 per share over a consecutive 30 trading-day period.
Subject to the NYSE's rules, the company has six months from the date of its receipt of the NYSE notice to regain compliance with the minimum share price rule, or until the company's next annual meeting of shareholders, if shareholder approval is required to cure the price deficiency (as would be the case for a reverse stock split). During that time, the company's common stock will continue to be listed and will trade on the NYSE, subject to the company's continued compliance with the NYSE's other applicable listing rules.
The NYSE notification does not affect the company's business operations or SEC reporting requirements, and does not conflict with any of the company's credit agreements or other debt obligations.
General Maritime says it expects to notify the NYSE of its intention to cure this deficiency, including by effecting a reverse stock split, if necessary. Any reverse stock split would be subject to the approval of the board and shareholders.
August 24, 2011
General Maritime eyes reverse stock split
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