Pyxis Tankers Inc. (NASDAQ: PXS) stock declined by 0.06% at the last close while the PXS stock price plunged by 6.15% in the pre-market trading session. Pyxis Tankers is the owner of a modern fleet of five tankers that deliver refined petroleum products and other bulk commodities by sea. They’re concentrating on expanding our fleet of medium-range product tankers, which provide greater operating flexibility and profits potential thanks to their “green” features and upgrades.
What is happening?
On June 18, 2021, Pyxis Tanker stated that it got a notification letter from the Nasdaq Stock Market on June 16, 2021, noting that its common shares had closed below the minimal level bid price of $1.00 per share for straight 30 consecutive business days, as needed for sustained listing on NASDAQ (the “Minimum Bid Price Requirement”). Pyxis Tankers has been given time on December 13, 2021, to recover compliance with the Minimum Bid Price Requirement.
Pyxis Tankers can rectify this deficit if the final bid price of its common shares is $1.00 per share or above for at least 10 consecutive business days within the Compliance Period. Pyxis Tankers wants to restore compliance with the minimum bid price standard during the Compliance Period and is evaluating all possible alternatives, including one with a reverse stock split. Pyxis Tanker’s common shares will remain to be listed and traded on the Nasdaq Capital Market during this period, and this notification will have no impact on PXS’s activities.
Pyxis Tankers may be eligible for an extra 180-day compliance term if it does not recover compliance within the Compliance Period. Pyxis Tankers’ common shares may be delisted by NASDAQ if the NASDAQ staff determines that Pyxis Tankers will not be able to rectify the defect or if PXS is otherwise ineligible.