Maroussi, Greece, June 18, 2021 – Pyxis Tankers Inc. (NASDAQ: PXS) (the “Company”), an international maritime transportation company focused on the product tanker sector, announced today that on June 16, 2021, it received a notification letter from the Nasdaq Stock Market (“Nasdaq”), stating that, for a period of 30 consecutive business days, the Company’s common shares closed below the minimum bid price of $1.00 per share, as required for continued listing on Nasdaq (the “Minimum Bid Price Requirement”). The Company has until December 13, 2021 (the “Compliance Period”) to regain compliance with the Minimum Bid Price Requirement.
The Company can cure this deficiency if the closing bid price of its common shares is $1.00 per share or higher for at least ten consecutive business days during the Compliance Period. The Company intends to regain compliance with the minimum bid price requirement within the Compliance Period and is considering all available options, including a reverse stock split. During this time, the Company's common shares will continue to be listed and traded on the Nasdaq Capital Market, and this notice will have no effect on the operations of the Company’s business. If the Company does not regain compliance during the Compliance Period, it may be eligible for an additional 180 calendar day compliance period. If the Nasdaq staff concludes that the Company will not be able to cure the deficiency or if the Company is otherwise not eligible, the Company's common shares will be subject to delisting by Nasdaq.
About Pyxis Tankers Inc.
Pyxis Tankers Inc. owns a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. Pyxis Tankers believes it is positioned to opportunistically expand and maximize the value of its fleet due to competitive cost structure, strong customer relationships and an experienced management team, whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com. The information discussed contained in, or that can be accessed through, Pyxis Tankers Inc.’s website, is not incorporated into, and does not constitute part of this press release.
Forward Looking Statements
This press release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 in order to encourage companies to provide prospective information about their business. These statements include statements about our plans, strategies, goals financial performance, prospects or future events or performance and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expects,” “seeks,” “predict,” “schedule,” “projects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “targets,” “continue,” “contemplate,” “possible,” “likely,” “might,” “will,” “should,” “would,” “potential,” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. All statements that are not statements of either historical or current facts, including among other things, our expected financial performance, expectations or objectives regarding future and market charter rate expectations and, in particular, the effects of COVID-19 on our financial condition and operations and the product tanker industry, in general, are forward-looking statements. Such forward-looking statements are necessarily based upon estimates and assumptions. Although the Company 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 the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. The Company’s actual results may differ, possibly materially, from those anticipated in these forward-looking statements as a result of certain factors, including changes in the Company’s financial resources and operational capabilities and as a result of certain other factors listed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission. For more information about risks and uncertainties associated with our business, please refer to our filings with the U.S. Securities and Exchange Commission, including without limitation, under the caption “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2020. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any in information in this press release, including forward-looking statements, to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws.
Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi 15125 Greece
Visit our website at www.pyxistankers.com
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Source: Pyxis Tankers Inc.