Nasdaq warns Trailer Bridge
Trailer Bridge said the Nasdaq Stock Market warned it last week that its stock could be delisted because the market value of its publicly held shares was below the $15 million minimum for continued inclusion on the Nasdaq Global Market.
The company has 180 calendar days, or until Feb. 14, to regain compliance with the rule. The company will regain compliance
if, at any time before then the market value of its publicly held shares is $15 million or more for a minimum of 10 consecutive business days.
Trailer Bridge, whose stock traded as high as $3.95 per share this year, hit a new 52-week low of 85 cents per share during trading on Thursday.
The company, which operates a container liner service between the U.S. mainland and Puerto Rico and the Dominican Republic, reported a $3.6 million second quarter net loss, compared to a profit of $897,462 in the same 2010 period.
It said earlier this month that efforts to refinance its debt are ongoing, but in the event it is not able to refinance $82.5 million in public notes due in November, its “finances and ability to operate would be severely impaired and the company could be required to seek protection under federal bankruptcy laws.”