Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

STAR BULK CARRIERS CORP. ANNOUNCES RECEIPT OF NASDAQ NOTICE AND UPDATE ON COMPANY’S SHARE REPURCHASE PLAN

05/05/2012 | 02:17am US/Eastern

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.



distributed by
Latest news
Date Title
5m ago COGECO CABLE : Reports Fiscal 2014 Fourth-Quarter Financial Results and Increases its Dividend
6m ago COGECO : Reports Fiscal 2014 Fourth-Quarter Financial Results and Increases its Dividend
9m ago ENERGY TRANSFER PARTNERS : Rep. Miller Calls on FERC to Address Residents' Concerns over Proposed ET Rover Pipeline before Approving Plan
27m ago AMREIT : to Be Acquired by EDENS for $26.55 Per Share
49m ago RICHARD BRANSON : Co-pilot killed in Virgin Galactic spaceship crash
50m ago DANAHER : Global Dental Chair Market 2014-2018 - New Study Released
50m ago GLOBAL GREEN : Report Published: "Global Green and Recycled Mobile Phone Market 2014-2018"
52m ago DUBAI INVESTMENT PJSC : developers to relaunch seven UAE projects
55m ago GOOGLE 'C' : JM Internet Group Issues Update on Google AdWords Quality Score Esoterica
56m ago Taiwan GDP growth misses analyst targets
Latest news
Advertisement
Hot News 
BANCO ESPIRITO SANTO : Angola brings oil firm Sonangol into local BES bank
1SPATIAL : Interim Results for the six month period ended 31 July 2014
ULS TECHNOLOGY : Plunges As Improved Results Still Won't Meet Forecasts
REGIONAL MANAGEMENT : NYSE stocks posting largest percentage decreases
AMBER ROAD : NYSE stocks posting largest volume increases
Most Read News
1h ago J.P. MORGAN FOUND HACKERS THROUGH BREACH OF CORPORATE EVENT WEBSITE : media
4h ago EXCLUSIVE - U.S. PROBING STANDARD CHARTERED OVER DUBAI BANKING : sources
3h ago GRUPO CARSO DE C V : Mexico could help realise Central America economic plan - ministry
4h ago NETFLIX : Amazon hits back in on-demand TV war with Netflix: Comedy drama Transparent hailed as internet service's answer to House of Cards
3h ago Herbalife to pay $15 million to settle class action lawsuit
Most recommended articles
1h ago J.P. MORGAN FOUND HACKERS THROUGH BREACH OF CORPORATE EVENT WEBSITE : media
1h ago Foreign access to China's card clearing market next August - report
1h ago CHINA'S OCTOBER FACTORY GROWTH UNEXPECTEDLY SLIPS TO FIVE-MONTH LOW : official PMI
1h ago South Korea exports rise 2.5 percent in October, trade surplus at record
2h agoDJChina October Official Manufacturing PMI Falls to 50.8
Dynamic quotes  
ON
| OFF