ATHENS, Greece, Nov. 17, 2015 /PRNewswire/ -- Box Ships Inc., or the "Company", a global shipping company specializing in the transportation of containers, today announced that the New York Stock Exchange, or the NYSE, has notified the Company that the NYSE intends to apply to the Securities and Exchange Commission to delist the common stock of the Company, trading under the ticker TEU, from the NYSE. The Company's preferred stock trading under the ticker TEU PR C will also be delisted from the NYSE. The NYSE also informed the Company that trading in the Company's common stock and preferred stock has been suspended following the close of business on November 17, 2015. The NYSE reached its decision to delist the Company's common stock and preferred stock pursuant to Section 802.01B of the NYSE's Listed Company Manual because the Company fell below the NYSE's continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading-day period of at least $15,000,000.
The Company will continue to file periodic and other reports with the Securities and Exchange Commission pursuant to the Exchange Act of 1934, as amended, and other federal securities laws.
The Company has commenced proceedings to have its common stock trade on the OTCQX Best Market, the highest tier of the U.S. over-the-counter market. The trading of the Company's common stock is expected to commence on OTCQX on November 18, 2015.
In addition, the Company has applied to transfer the listing of its securities to the Nasdaq Capital Market upon satisfaction of the relevant listing requirements, including maintaining a minimum bid price for the Company's common shares. Subject to the approval of the Company's shareholders, the Company intends to effect a reverse stock split in order to satisfy the minimum bid price requirement of the Nasdaq Capital Market.
For additional up to date information on the Company, please go to our website at www.box-ships.com. Information contained on the Company's website does not constitute a part of this press release.
About Box Ships Inc.
Box Ships Inc. is an Athens, Greece-based international shipping company specializing in the transportation of containers. The Company's current fleet consists of nine containerships with a total carrying capacity of 43,925 TEU and a TEU weighted average age of 10.8 years.
Box Ships Inc.
Michael Mason (Investors)
Len Hall (Media)
SOURCE Box Ships Inc.