OceanPal Inc. recently received a determination notice from the Nasdaq Stock Market staff, indicating that its stock trading price failed to meet the minimum bid price requirement for continued listing.
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The company stated that it plans to appeal to the hearing committee of a certain exchange, seeking a review by an independent panel of experts. According to the listing rules of the exchange, listed companies must maintain a minimum bid price of $1 per share. If the closing price remains below this standard for 30 consecutive trading days, a compliance warning will be triggered. Friends of the Ocean is currently actively evaluating feasible solutions to restore the share price to compliance, including considering capital structure adjustments such as a reverse stock split. The company emphasized that the hearing application will automatically suspend any potential delisting procedures until the committee makes a final decision. During this period, its common stock will continue to trade normally on the capital market of the exchange, and the stock code "SVRN" will remain unchanged.
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