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Danaos Corporation Regains Full Compliance with NYSE Minimum Average Share Price Listing Standard

ATHENS, Greece, June 3, 2019 /PRNewswire/ -- Danaos Corporation (the "Company" or "Danaos") (NYSE: DAC) today announced that the New York Stock Exchange (NYSE) has notified the Company that it is has regained full compliance with NYSE minimum average share price listing requirements.

Danaos received written notification from the NYSE, dated June 1, 2019, that it has regained compliance after the Company's average stock price for the 30-trading days ended May 31, 2019 was above the NYSE's minimum requirement of $1.00. The Company, which has continued to trade on the NYSE, is now in compliance with all NYSE listing requirements.

About Danaos Corporation

Danaos Corporation's fleet of 59 containerships aggregating 352,600 TEUs, including four vessels owned by Gemini Shipholdings Corporation, a joint venture, ranks Danaos among the largest containership charter owners in the world based on total TEU capacity.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements with respect to the Company's ability to regain compliance with the NYSE's continued listing standards and remain listed on the NYSE or other major stock exchange and other statements that are forward looking. Forward-looking statements reflect our current views with respect to future events and financial performance and may 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 forward-looking statements in this release are based upon various assumptions. Although Danaos Corporation believes 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, Danaos Corporation cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the effects of refinancing transactions, Danaos' ability to achieve the expected benefits of the refinancing and comply with the terms of its new credit facilities and other agreements entered into in connection with the refinancing, the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, charter counterparty performance, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in Danaos Corporation's operating expenses, including bunker prices, dry-docking and insurance costs, ability to obtain financing and comply with covenants in our financing arrangements, actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by Danaos Corporation with the U.S. Securities and Exchange Commission.

 

Cision

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