Market Globalist

Here is Why Castor Maritime (CTRM) Stock is Skyrocketing

Castor Maritime (NASDAQ: CTRM) a shipping transportation services company gained over 41% in pre market and over 30% in yesterday trading session after the company issued a press release in which it announced that the Nasdaq Stock Market granted CTRM an additional 180-day extension yesterday to comply with Nasdaq’s minimum bid price requirement. (the“Second Compliance Period”).

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For at least ten consecutive business days during the Second Enforcement Period, the closing bid price of the Company’s common shares must be $1.00 per share or higher. During the second enforcement phase, the company will restore compliance with minimum bid price provisions, taking all available options into account, including a reverse stock split. Nasdaq Capital Market continues to list and trade the company’s common stock throughout this period.

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Additionally, the Company entered into a binding commitment letter with two of its bulk carriers for the purpose of receiving about $15.0 million from a European financial institution, secured by two of its dry bulk carriers. Upon completion of final documentation and upon negotiation of terms and conditions, the Company expects to close the facility within the first half of January 2021 and expects to have the funding in place by 2021.

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At $0.23 per share, the CTRM Stock is currently around -87.42% down year to date in the stock market. At the time of writing, Castor Maritime Inc. (CTRM) stock has a market cap of $30.55 million. The average transaction volume for CTRM stock over the past month (21716424 shares per day) is trailing its average daily volume over the past year by 117.28.

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