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Pyxis Tankers and Genco fall foul of minimum stock price rule

Pyxis Tankers and Genco fall foul of minimum stock price rule
Just three months after completing a merger deal to give it a listing on Wall Street, growth oriented Pyxis Tankers has joined the list of Greek companies on notice its stock price is too low for listing requirements.

Greece's most recent company to achieve a listing, the Valentinos "Eddie" Valentis-led Pyxis, received notice from the Nasdaq exchange at the same time as the Peter Georgiopoulos-led Genco received notice from the NYSE that their stock has been below the $1 minimum for 30 consecutive trading days.

Genco said it has informed the stock market “the company will actively monitor its stock price and evaluate all available options in order to regain compliance within the prescribed time frame, which may include a reverse stock split”. At the time Genco was trading at around $0.50.

Product tanker owner Pyxis' price has now edged up to the $1 threshold after also languishing at $0.50 a share. The shares must remain above $1 for 10 consecutive days to put the company back in compliance. “We are currently reviewing options to meet the requirements for continued listing on the Nasdaq Capital Market,” said Pyxis.

At present some 12 Greek shipping companies' stock are trading below $1, many of them have been for a lengthy period of time. NewLead Holdings has already lost the battle and its shares have been moved from the Nasdaq leader board and now trade in the US over-the-counter market, while a couple have disappeared altogether.

Meanwhile, DryShips, Paragon Shipping, TOP Ships and Diana Containerships have all announced reverse stock splits to re-gain leader board compliance with the $1 rule.