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, 2017, the Company received a notice from The Nasdaq Stock Market (“Nasdaq”) indicating that the Company had not regained compliance with the minimum $1.00 bid price per share requirement for continued listing under Listing Rule 5550(a)(2) and its common stock would be delisted from Nasdaq at the opening of business on September 29, 2017, unless the Company timely requested a hearing before the Nasdaq Hearings Panel (“Panel”). The Company appealed the delisting notice and appeared in front of the Panel on November 16, 2017. The Panel issued a decision on December 4, 2017 continuing the Company’s listing, conditioned upon, among other things, the Company’s ability to implement a reverse stock split and demonstrate compliance with Listing Rule 5550(a)(2) by March 19, 2018. The Company informed the Panel on January 2, 2018 that it would be unable to meet the requirements of the Panel's decision. On January 3, 2018, the Company received written notification from the Panel that the Panel has determined to delist the Company’s common stock from Nasdaq and the suspension of trading will be effective at the open of business on January 5, 2018. The Panel has also informed the Company that Nasdaq will complete the delisting by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission, after the applicable appeals periods have lapsed. The Company will not appeal the Panel’s determination to delist the Company’s common stock. The Company’s common stock may be eligible to be quoted on the OTC Bulletin Board (the “OTCBB”) or in the “Pink Sheets.” OTCBB or Pink Sheets trading may occur only if a market maker applies to quote the Company’s common stock and the Company is current in its reporting obligations under the Securities Exchange Act of 1934.
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.
