Cyprus-based bulker and boxship owner Castor Maritime has decided to carry out a one-for-ten reverse stock split on Nasdaq to meet the minimum bid price requirement set by the exchange. The Petros Panagiotidis-led company said its shares would begin trading on a split-adjusted basis on March 27, 2024, without any change to shareholders’s ownership percentage or voting rights, and be reduced from about 96.6m to 9.66m. Shareholders who would otherwise receive a fraction of a common share of Castor will receive a cash payment in lieu thereof, the company added. Castor was first told in April last year that it had six months to boost the stock price back above $1 or face delisting. A second six-month corrective period was granted in October. The company currently owns a fleet of 14 vessels, including three ships agreed to be sold. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsCyprus