4/5/2012
STAR BULK CARRIERS CORP. ANNOUNCES RECEIPT OF NASDAQ
NOTICE AND UPDATE ON COMPANY'S SHARE REPURCHASE PLAN
ATHENS, GREECE, May 4, 2012 - Star Bulk Carriers Corp.
NASDAQ notification
The Company received written notification from The NASDAQ
Stock Market LLC ("Nasdaq") dated May 2, 2012
indicating that because the closing bid price of the
Company's common stock for the previous 30 consecutive
business days was below the minimum $1.00 per share bid
price requirement for continued listing on the Nasdaq
Global Select Market, the Company is not in compliance with
Nasdaq Listing Rule 5450(a)(1). The applicable grace period
to regain compliance is 180 days.
This notification has no effect on the listing of the
Company's common stock at this time. The Company
intends to monitor the closing bid price of its common
stock between now and October 29, 2012 and is considering
its options in order to regain compliance with the Nasdaq
minimum bid price requirement.
Update on Company's Share Repurchase Plan
The Company cancelled and withdrew 725,957 shares from its
outstanding share capital that it had repurchased up to
April 30th 2012. The Company intends to continue acquiring
its common shares in the open market at prices and amounts
in its sole discretion.
About Star Bulk
Star Bulk is a global shipping company providing worldwide
seaborne transportation solutions in the dry bulk sector.
Star Bulk's vessels transport major bulks, which
include iron ore, coal and grain and minor bulks such as
bauxite, fertilizers and steel products. Star Bulk was
incorporated in the Marshall Islands on December 13, 2006
and maintains executive offices in Athens, Greece. Its
common stock trades on the Nasdaq Global Market under the
symbol "SBLK." Currently, Star Bulk's fleet
consists of fourteen dry bulk carriers, consisting of six
Capesize vessels and eight Supramax vessels and a combined
cargo carrying capacity of 1,475,005 deadweight tons and an
average age of approximately 10 years.
Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to
encourage companies to provide prospective information
about their business. Forward-looking statements include
statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions
and other statements, which are other than statements of
historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act
of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words
"believe," "anticipate,"
"intends," "estimate,"
"forecast," "project,"
"plan," "potential," "may,"
"should," "expect," "pending"
and similar expressions identify forward-looking
statements.
The forward-looking statements in this press release are
based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without
limitation, examination by the Company's management of
historical operating trends, data contained in its records
and other data available from third parties. Although the
Company believes that these assumptions were reasonable
when made, because these assumptions are inherently subject
to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond the
Company's control, the Company cannot assure you that
it will achieve or accomplish these expectations, beliefs
or projections.
In addition to these important factors, other important
factors that, in the Company's view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include the strength of world
economies and currencies, general market conditions,
including fluctuations in charter rates and vessel values,
changes in demand for dry bulk shipping capacity, changes
in the Company's operating expenses, including bunker
prices, drydocking and insurance costs, the market for the
Company's vessels, availability of financing and
refinancing, changes in governmental rules and regulations
or actions taken by regulatory authorities, potential
liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political
events, vessels breakdowns and instances of off-hires and
other factors. Please see our filings with the Securities
and Exchange Commission for a more complete discussion of
these and other risks and uncertainties. The information
set forth herein speaks only as of the date hereof, and the
Company disclaims any intention or obligation to update any
forward-looking statements as a result of developments
occurring after the date of this communication.
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