Ultrapetrol's closing price too low for NASDAQ
The Nasdaq stock exchange has informed industrial transportation company Ultrapetrol Ltd. that its recent closing stock price is too low to meet its listing requirements.
The exchange sent a letter to the company on Tuesday indicating that Ultrapetrol's closing price had been below $1 per share for the prior 30 days, which violates listing rules.
It has 180 days to regain compliance. The Bahamas-based company's closing stock price must be at least $1 for 10 consecutive days during this time or face possible delisting.
Ultrapetrol said Friday that it intends to monitor the closing bid price and is considering its options in order to regain compliance.
The stock has closed above $1 since Tuesday, when it reached $1.20. Shares gained 15 cents Friday to end the week at $1.34. It has traded as low as 64 cents and as high as $3.54 in the past 52 weeks.