Rand Logistics, Inc. (NASDAQ:RLOG) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
As previously disclosed, on September 20, 2016,Rand Logistics, Inc. (the “Company”) received written notice from The Nasdaq Stock Market LLC (“Nasdaq”) providing notification that, for the previous 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 bid price per share requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”).The Company was given 180 calendar days, or until March 20, 2017, to regain compliance with the Minimum Bid Price Rule. As previously disclosed, on March 21, 2017, the Company received written notice from Nasdaq that the Staff had determined that the Company was eligible for an additional 180 calendar day period, to Listing Rule 5810(c)(3)(a), or until September 18, 2017, to regain compliance with the Minimum Bid Price Rule.
The Company has not regained compliance with the Minimum Bid Price Rule. As a result, on September 20, 2017, the Company received written notice from Nasdaq that the Company’s common stock will be delisted from Nasdaq and suspended at the opening of business on September 29, 2017, unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the “Panel”). The Company intends to appeal the Staff determination by requesting a hearing before the Panel to seek continued listing. A hearing request will stay the suspension of the Company’s common stock and the filing of the Form 25-NSE (which Form would remove the Company’s common stock from listing and registration on The Nasdaq Stock Market) pending the Panel’s decision.
About Rand Logistics, Inc. (NASDAQ:RLOG)
Rand Logistics, Inc. is a shipping company that, through its operating subsidiaries, is engaged in the operation of bulk carriers on the Great Lakes. The Company’s shipping business is operated in Canada by Lower Lakes Towing Ltd. (Lower Lakes Towing) and in the United States by Lower Lakes Transportation Company (Lower Lakes Transportation). The Company transports construction aggregates, salt, grain, coal, iron ore, and other dry bulk commodities for customers in the construction, electric utility, food, and integrated steel industries. Lower Lakes’ fleet consists of approximately six self-unloading bulk carriers and over four conventional bulk carriers in Canada and approximately six self-unloading bulk carriers in the United States, including over three articulated tug and barge units. Lower Lakes Towing owns approximately nine Canadian vessels and Lower Lakes Towing (17) Ltd. (Lower Lakes (17)) owns the tenth Canadian vessel.