MONACO, April 24, 2020 (GLOBE NEWSWIRE) -- Navios Maritime Containers L.P. (the “Company”) (NASDAQ: NMCI), a growth vehicle dedicated to the container sector of the maritime industry, today announced that on April 22, 2020, the Company received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with the minimum bid price continued listing requirements of the Nasdaq Listing Rules in that closing bid price of the Company’s common units for 30 consecutive business days had not maintained the minimum bid price of $1.00 per common unit, as required by Marketplace Rule 5450(a)(1) (the “Rule”). The notice is only a notification of deficiency, not of imminent delisting, and has no current effect on the listing or trading of the Company’s securities on the Nasdaq Global Select Market.
The Nasdaq letter states that the Company will be provided 180 calendar days to regain compliance with the minimum $1.00 per share bid requirement. However, given recent extraordinary market conditions, Nasdaq has determined to suspend the compliance period for the bid price requirement through June 30, 2020. Accordingly, the Nasdaq letter states that the Company has until December 28, 2020 to regain compliance with the Rule by having the bid price of the Company’s common units closing at $1.00 per common unit or above for a minimum of 10 consecutive business days before December 28, 2020.
If the Company does not regain compliance by December 28, 2020, the Company may be eligible for additional time to regain compliance or may face delisting.
The Company will monitor the bid price of its common stock and consider available options if its common stock does not trade at a level likely to result in the Company regaining compliance with the Rule by December 28, 2020. However, there can be no assurance that the Company will be able to regain compliance or that Nasdaq will grant the Company a further extension of time to regain compliance, if necessary.
About Navios Maritime Containers L.P.
The Company, Navios Maritime Containers L.P. (Nasdaq: NMCI), is a growth vehicle dedicated to the container sector of the maritime industry. For more information, please visit our website at www.navios-containers.com.
Advisory on Forward-Looking Information and Statements
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and expectations. In particular, forward-looking information and statements contained in this document include, but are not limited to; compliance with the minimum bid requirements of Nasdaq or other listing criteria. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward-looking statements. Such statements 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, there is uncertainty about the spread of the COVID-19 virus and the impact it may have on the Company’s operations, the demand for the Company’s services, products, global supply chains and economic activity in general. Many factors could cause actual results to differ materially from the statements made, including those risks described from time to time in filings made by the Company with the Securities and Exchange Commission. The Company encourages you to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the Securities and Exchange Commission. Statements contained in this current press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not assume any obligation to update these forward-looking statements, other than as required by law.
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