TORM has received a letter from the listing qualifications department staff of the NASDAQ Stock Market LLC ("NASDAQ"), notifying the Company that for 30 consecutive business days the bid price of the Company's American Depository Shares (ADS) had closed below USD 1.00 per share, the minimum closing bid price required by the continued listing requirements of NASDAQ set forth in Listing Rule 5450(a)(1).
In accordance with Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until 26 June
2012, to regain compliance. The notification advises that such compliance can be achieved if, at any time before 26 June 2012, the bid price of the Company's ADS closes at USD 1.00 or more per share for a minimum of 10 consecutive business days.
If TORM does not regain compliance within this period, it may be eligible for additional time to regain compliance by filing a listing application to transfer its ADS to the NASDAQ Capital Market and satisfying certain other requirements.
The notification letter has no effect at this time on the listing of the Company's ADS on NASDAQ. The
Company's ADS will continue to trade on NASDAQ under the symbol "TRMD".
TORM will monitor the bid price for its ADS between now and 26 June 2012, and will consider the available options to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirement.
Contact TORM A/SJacob Meldgaard, CEO, tel.: +45 3917 9200
Roland M. Andersen, CFO, tel.: +45 3917 9200
C. Søgaard-Christensen, IR, tel.: +45 3076 1288
Tuborg Havnevej 18
DK-2900 Hellerup, Denmark
Tel.: +45 3917 9200 / Fax: +45 3917 9393 www.torm.com
About TORM
TORM is one of the world's leading carriers of refined oil
products as well as a significant player in the dry bulk
market. The Company runs a fleet of approximately 165 modern
vessels in cooperation with other respected shipping
companies sharing TORM's commitment to safety, environmental
responsibility and customer service.
TORM was founded in 1889. The Company conducts business
worldwide and is headquartered in Copenhagen, Denmark. TORM's
shares are listed on NASDAQ OMX Copenhagen (ticker: TORM) and
on NASDAQ in New York (ticker: TRMD). For further
information, please visit www.torm.com.
Matters discussed in this release may constitute
forward-looking statements. Forward-looking statements
reflect our current views with respect to future events and
financial performance and may include statements concerning
plans, objectives, goals, strategies, future events or
performance, and underlying assumptions and statements other
than statements of historical facts. The forward-looking
statements in this release are based upon various
assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management's
examination of historical operating trends, data contained in
our records and other data available from third parties.
Although TORM believes that these assumptions were reasonable
when made, because these assumptions are inherently subject
to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our
control, TORM cannot guarantee that it will achieve or
accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual
results to differ materially from those discussed in the
forward- looking statements include the strength of the world
economy and currencies, changes in charter hire rates and
vessel values, changes in demand for "tonne miles" of oil
carried by oil tankers, the effect of changes in OPEC's
petroleum production levels and worldwide oil consumption and
storage, changes in demand that may affect attitudes of time
charterers to scheduled and unscheduled dry-docking, changes
in TORM's operating expenses, including bunker prices,
dry-docking and insurance costs, changes in the regulation of
shipping operations, including requirements for double hull
tankers or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and
international political conditions, potential disruption of
shipping routes due to accidents and political events or acts
by terrorists.
Risks and uncertainties are further described in reports
filed by TORM with the US Securities and Exchange Commission,
including the TORM Annual Report on Form 20-F and its reports
on Form 6-K.
Forward-looking statements are based on management's current
evaluation, and TORM is only under an obligation to update
and change the lis law.
Announcement no. 1 / 4 January 2012 NASDAQ notification of bid price non-compliance Page 1 of 1
distribué par | Ce noodl a été diffusé par TORM A/S et initialement mise en ligne sur le site http://www.torm.dk. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-04 10:02:02 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
No 1. - 2012 - 04.01.2012 pdf > NASDAQ notification of bid price non-compliance |