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 a Form 8-K filed on September 22, 2016, on September 20, 2016, Rand Logistics, Inc. (the “Company”) received a letter 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).
On March 21, 2017, the Company received a written notice from Nasdaq that the Company’s common stock has not regained compliance with the minimum $1.00 bid price per share requirement within the 180 calendar days. However, the Staff has determined that the Company is eligible for an additional 180 calendar day period, to Listing Rule 5810(c)(3)(a), or until September 18, 2017. If at any time during this 180 days period the closing bid price of the Company’s common stock is at least $1.00 for a minimum of ten consecutive business days, the Company will regain compliance. In order to regain compliance, the Company may have to affect a reverse stock-split. If the Company is required to affect a reverse stock-split, it would have to be completed at least 10 days prior to the expiration of the date by which the Company must regain compliance with Rule 5550(a)(2).
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. Rand Logistics, Inc. (NASDAQ:RLOG) Recent Trading Information
Rand Logistics, Inc. (NASDAQ:RLOG) closed its last trading session down -0.030 at 0.580 with 146,572 shares trading hands.