DryShips Gets a Lifeline

first_imgzoom Nasdaq-listed dry bulk shipping and offshore contract drilling company DryShips Inc. has transferred its listing to the Nasdaq Capital Market from the Nasdaq Global Select Market to get another 180-day grace period to push its shares up to the minimum bid price of USD 1.00 and avoid delisting.The company’s securities began trading on the Nasdaq Capital Market effective at the start of trading on Tuesday, October 13, 2015.DryShips was notified by Nasdaq on April 13, 2015, that it no longer satisfied the minimum bid price requirement for continued listing of USD 1 per share.In anticipation of not meeting the minimum bid price requirement by October 12, 2015, the end of its initial 180-day grace period, the company applied to transfer the listing of its stock to the Nasdaq Capital Market.As a result of the transfer to the Capital Market, the company is being afforded an additional 180-day grace period to regain compliance with the Nasdaq’s minimum bid price requirement.In order to regain compliance, the minimum bid price per share of the company’s common stock must be at least USD 1.00 for at least ten consecutive business days during the additional 180-day grace period, which will end on April 11, 2016.If DryShips fails to regain compliance during this grace period, its common stock will be subject to delisting by Nasdaq.The company has provided written notice of its intention to cure the minimum bid price deficiency during the second grace period by effecting a reverse stock split, if necessary.last_img read more

Over 2 million people in Zimbabwe to require food assistance warns UN

“Many districts, particularly in the south, harvested very little and people are already trying to stretch out their dwindling food stocks,” said WFP Country Director Sory Ouane. “WFP is working closely with the Government and partners to respond to the looming food crisis and will start food and cash distributions to the most vulnerable in October.”The predicted levels of hunger, released by the UN-supported Zimbabwe Vulnerability Assessment Committee, would be the highest since early 2009, when more than half the population required food support.To meet the increasing needs, WFP and its partners will provide cereals harvested in the region, as well as imported vegetable oil and pulses, the agency said in a news release. Cash transfers will also be used in selected areas to give people flexibility and help support local markets. Distributions will be gradually scaled up from October until harvest time in March next year.Some of the factors that have contributed to the high levels of food insecurity include adverse weather conditions, the unavailability and high cost of agricultural supplies such as seeds and fertilizers, and projected high cereal prices due to the poor maize harvest. In rural markets for example, grain prices are 15 per cent higher than during the same period last year.To help people deal with future droughts and other shocks, WFP has been implementing a Cash/Food for Assets programme in rural Zimbabwe since June. Under the programme, vulnerable communities receive food or cash while taking part in projects such as the construction of community irrigation systems and deep wells.The Government is also taking action to address this issue. For the first time, in 2012, it contributed some $10 million worth of grain towards a joint relief operation with WFP and its partners. The programme provided food assistance to some 1.4 million people in 37 rural districts. read more