Harris Associates Open to Revised Paramount Skydance Bid for Warner Bros Discovery 
Nike Shares Slide as Margins Fall Again Amid China Slump and Costly Turnaround 
U.S. Lawmakers Urge Pentagon to Blacklist More Chinese Tech Firms Over Military Ties 
TikTok U.S. Deal Advances as ByteDance Signs Binding Joint Venture Agreement 
Toyota to Sell U.S.-Made Camry, Highlander, and Tundra in Japan From 2026 to Ease Trade Tensions 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
OpenAI Explores Massive Funding Round at $750 Billion Valuation 
FedEx Beats Q2 Earnings Expectations, Raises Full-Year Outlook Despite Stock Dip 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
Micron Technology Forecasts Surge in Revenue and Earnings on AI-Driven Memory Demand 
Trump Administration Reviews Nvidia H200 Chip Sales to China, Marking Major Shift in U.S. AI Export Policy 
FDA Fast-Tracks Approval of Altria’s on! PLUS Nicotine Pouches Under New Pilot Program 
Bridgewater Associates Plans Major Employee Ownership Expansion in Milestone Year 
LG Energy Solution Shares Slide After Ford Cancels EV Battery Supply Deal 
Union-Aligned Investors Question Amazon, Walmart and Alphabet on Trump Immigration Policies 
Athens, March 08, 2016 --
Athens, Greece, March 8, 2016 -- FreeSeas Inc. (FREE) (“FreeSeas” or the “Company”), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize vessels and an owner of a controlling stake in a company commercially operating tankers, announced today that on March 2, 2016, the Company received notice from the Listing Qualifications Staff of The NASDAQ Stock Market LLC (the “Staff”) indicating that unless the Company timely requests a hearing before the Nasdaq Listing Qualifications Panel (the “Panel”), its securities would be subject to delisting from The Nasdaq Capital Market based upon its non-compliance with the minimum bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2), and concerns raised by the Staff, pursuant to the Staff’s discretionary authority under Nasdaq Listing Rule 5101, regarding the Company’s ability to remedy the bid price deficiency in light of dilution that may occur from financing transactions.
The Company intends to timely request a hearing before the Panel, at which hearing it will present its plan to regain and sustain compliance with the bid price requirement and otherwise address the Staff’s concerns in connection therewith. The Company’s request for a hearing will stay any delisting action and the Company’s common stock will continue to trade on The Nasdaq Capital Market at pending the issuance of the Panel’s decision following the hearing and the expiration of any extension granted by the Panel.
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers and also is an owner of a controlling stake in a company commercially operating tankers. Currently, it has a fleet of Handysize vessels. FreeSeas' common stock trades on the Nasdaq Capital Market under the symbol FREE. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the SEC, which can be obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc., please visit the corporate website, www.freeseas.gr.
Forward-Looking 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 the Company's growth strategy and measures to implement such strategy. Words such as ''expects,'' ''intends,'' ''plans,'' ''believes,'' ''anticipates,'' ''hopes,'' ''estimates,'' and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the demand for dry bulk vessels; competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
Contact Information:
At the Company
FreeSeas Inc.
Dimitris Papadopoulos, Chief Financial Officer
011-30-210-45-28-770
Fax: 011-30-210-429-10-10
[email protected]
www.freeseas.gr
