BOX SHIPS INC | Box-Ships Inc. Announces Receipt of Notice of Non-Compliance from the New York Stock Exchange | |
ATHENS, Greece, December 19, 2014 - Box Ships Inc., (NYSE: TEU), or the Company, a global shipping company specializing in the transportation of containers, today announced that on December 2, 2014, it received notice from the New York Stock Exchange, Inc. (the "NYSE") indicating that the Company is no longer in compliance with the NYSE's continued listing standards because the average closing price of the Company's common stock over a consecutive 30 trading-day period was less than $1.00 per share. Subject to the NYSE's rules, the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement. The Company can regain compliance at any time during the six-month cure period if the Company's shares of common stock have a closing share price of at least $1.00 on the last trading day of any calendar month during the six-month cure period and also has an average closing price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. Alternatively, if the Company must take an action requiring approval of the Company's shareholders to cure the price condition (as would be the case for a reverse stock split), such approval must be obtained at the Company's next annual meeting of shareholders and the Company must implement the action promptly thereafter. The Company has notified the NYSE of its intention to cure this deficiency within the prescribed timeframe. During this time, the Company's common stock will continue to be listed and trade on the NYSE. The Company's business operations are not affected by the receipt of this NYSE notice. About Box Ships Inc. Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of nine containerships with a total carrying capacity of 43,925 TEU and a TEU weighted-average age of 9.9 years. The Company's common shares and Series C Preferred Shares trade on the New York Stock Exchange under the symbols "TEU" and "TEUPRC," respectively. Contacts Box Ships Inc. Robert Perri +30 210-891-4600 ir@box-ships.com Allen & Caron Inc. Michael Mason (Investors) michaelm@allencaron.com (212) 691-8087 Len Hall (Media) len@allencaron.com (949) 474-4300 | |
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