ATHENS, Greece, Jan. 19, 2016 (GLOBE NEWSWIRE) -- Diana Containerships Inc. (NASDAQ: DCIX ), (the “Company”), a global shipping company specializing in the ownership of containerships, today announced that it has received written notification from The NASDAQ Stock Market LLC (“Nasdaq”) dated January 14, 2016, indicating that because the closing bid price of the Company's common stock for the last 30 consecutive business days was below US$1.00 per share, the Company no longer meets the minimum bid price requirement for The Nasdaq Global Select Market, set forth in Nasdaq Listing Rule 5450(a)(1). Pursuant to the Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 calendar days, or until July 12, 2016.
The notification letter has no effect at this time on the listing of the Company’s common stock, which continues to trade on The Nasdaq Global Select Market under the symbol “DCIX”.
The Company intends to monitor the closing bid price of its common stock between now and July 12, 2016 and it intends to complete a reverse stock split, in order to regain compliance with The Nasdaq Global Select Market minimum bid price requirement. Shareholder approval for the reverse stock split has been placed on the agenda for the Company’s 2016 Annual General Meeting to be held on February 24, 2016. The Company can also cure this deficiency if the closing bid price of its common stock is US$1.00 per share or higher for at least 10 consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period if it transfers to The Nasdaq Capital Market.
The Company intends to cure the deficiency within the prescribed grace period by completing the reverse stock split.
The Company's business operations are not affected by the receipt of the notification.
About the Company
Diana Containerships Inc. is a global provider of shipping transportation services through its ownership of containerships. The Company’s vessels are employed primarily on time charters with leading liner companies carrying containerized cargo along worldwide shipping routes.
Cautionary Statement Regarding 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, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe 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 our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our 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 containership capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our 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, vessel 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.
Corporate Contact: Ioannis Zafirakis Director, Chief Operating Officer and Secretary Telephone: +30-216-600-2400 Email: izafirakis@dcontainerships.com Website: www.dcontainerships.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: +1-203-972-8350 Email: enebb@optonline.net
