THE New York Stock Exchange (NYSE) has informed Greek container shipping company Box Ships that it intends to apply to the Securities and Exchange Commission to delist the common stock of the Michael Bodouroglou-controlled company, whose common stock and preferred stock has also been suspended following the close of business on November 17.
The NYSE reached its decision to delist the companys stock because the company fell below the NYSEs continued listing standard requiring listed companies to maintain an average global market capitalisation over a consecutive 30 trading-day period of at least US$15 million, Splash24/7 reported.
Box Ships has commenced proceedings to have its common stock trade on the OTCQX Best Market, the highest tier of the US over-the-counter market. The trading of the companys common stock is expected to commence on OTCQX on November 18.
In addition, the company has applied to transfer the listing of its securities to the Nasdaq Capital Market upon satisfaction of the relevant listing requirements, including maintaining a minimum bid price for the companys common shares.