Golden Ocean Group Limited announced today it has received written notification from The Nasdaq Stock Market dated February 18, 2016 indicating that because the closing bid price of the Company's common stock for 30 consecutive business days, from January 5, 2016 to February 17, 2016, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, Golden Ocean is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until August 16, 2016.
Golden Ocean intends to monitor the closing bid price of its common stock between now and August 16, 2016 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement. Golden Ocean can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event Golden Ocean does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, Golden Ocean may be eligible for additional 180-day grace period.
Golden Ocean intends to cure the deficiency within the prescribed grace period. During this time, Golden Ocean's common stock will continue to be listed and trade on the Nasdaq Capital Market.
Golden Ocean's business operations are not affected by the receipt of the notification.