Last $0.24 USD
Change Today -0.015 / -6.00%
Volume 3.3M
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As of 8:10 PM 09/18/14 All times are local (Market data is delayed by at least 15 minutes).

freeseas inc (FREE) Snapshot

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09/26/13 - $4.64
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09/18/14 - $0.23
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freeseas inc (FREE) Details

FreeSeas Inc., through its subsidiaries, provides drybulk shipping services. Its vessels carry various drybulk commodities, such as iron ore, grain, and coal, as well as bauxite, phosphate, fertilizers, steel products, cement, sugar, and rice. Its fleet consists of five Handysize vessels and one Handymax vessel. As of April 2, 2014, its operational fleet had approximately 197,200 deadweight tons with the average age of 16.6 years. The company was formerly known as Adventure Holdings S.A. and changed its name to FreeSeas Inc. in April 2005. FreeSeas Inc. was founded in 2004 and is based in Athens, Greece.

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freeseas inc (FREE) Key Developments

FreeSeas Regains Compliance With Nasdaq's Minimum Stockholders' Equity Rule

FreeSeas Inc. announced that it has received a letter from Nasdaq, dated August 13, 2014, indicating that FreeSeas has regained compliance with Marketplace Rule 5550(b)(1) (Rule), which requires a minimum of $2.5 million stockholders' equity for continued listing on The Nasdaq Capital Market. The determination by NASDAQ that the Company has complied with the Rule was based on FreeSeas' Form 6-K filing of its interim financial statements for the period ended June 30, 2014, which evidenced stockholders' equity of $37,563,000, resulting from the May 2014 $25 million public offering and settlement of debt with $15 million of debt forgiveness. The Nasdaq letter indicated that since the Company achieved compliance with the Rule, the matter is now closed.

FreeSeas Announces Receipt Of NASDAQ Notices Of Bid Price And Equity Standard Deficiencies

FreeSeas Inc. announced that the Company received from The NASDAQ Stock Market LLC: (i) a letter, dated July 15, 2014, stating that, for the previous 30 consecutive business days, the bid price of the Company's common stock closed below the minimum $1.00 per share; and (ii) a letter dated July 16, 2014 stating that for the period ended March 31, 2014, the Company's reported stockholders' equity is below $2.5 million. Both are requirements for continued listing on The NASDAQ Capital Market pursuant to NASDAQ Marketplace Rules 5550(a)(2) and 5550(b)(1). The NASDAQ letters have no immediate effect on the listing of the Company's common stock, which will continue to trade on The NASDAQ Capital Market under the symbol "FREE". In accordance with NASDAQ Marketplace Rule 5810(c)(3)(A), the Company has a grace period of 180 calendar days, which expires on January 12, 2015 (the "Compliance Period"), to regain compliance with the "Minimum Bid Price Rule"), by maintaining a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days during the Compliance Period. If the Company does not regain compliance by January 12, 2015, NASDAQ will provide written notification to the Company that its common stock may be delisted. The Company may, however, be eligible for an additional grace period of 180 calendar days if it satisfies the continued listing requirement for market value of publicly held shares and all other initial listing standards (with the exception of the Bid Price Rule) for listing on The NASDAQ Capital Market, and submits a timely notification to NASDAQ of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split of the shares of its Common Stock, if necessary. The Company may also appeal NASDAQ's delisting determination to a NASDAQ Hearings Panel. FreeSeas intends to evaluate available options to resolve the deficiency and regain compliance with the Minimum Bid Price Rule. In accordance with NASDAQ Marketplace Rule 5810(c)(2)(C), the Company has 45 calendar days to submit a plan to regain compliance with the Equity Standard Rule. FreeSeas believes that it has already achieved compliance by virtue of the capital increase effected on May 28, 2014, following the successful closing of its $25 million public offering, which will be reflected in the unaudited interim financial statements for the six months ended June 30, 2014, which the Company expects to file within the next month.

FreeSeas Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014

FreeSeas Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported operating revenues of $774,000 against $3,065,000 a year ago. Loss from operations was $9,906,000 against $2,396,000 a year ago. Net loss was $10,551,000 against $4,395,000 a year ago. Diluted loss per share was $0.41 against $8.97 a year ago. Net cash used in operating activities was $9,538,000 against $426,000 a year ago.


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