OceanFreight splits

Anthony Kandylidis-led OceanFreight has given the green light for a highly anticipated reverse stock split for shares trading on the Nasdaq Exchange.

OceanFreight has added a letter.

The Greek bulker outfit says the 1-for-3 split went into effect when the bell rang on Wall Street this morning, according to documents filed with the US Securities and Exchange Commission (SEC).

OceanFreight shares will keep trading under the symbol “OCNF" but the character “D” has been added to the rear of the ticker.

The fifth character will appear for 20 trading days to let investors know that the reverse split has occurred.

On 15 July, the symbol will drop the additional letter.

The 1-for-3 deal will convert three shares of the company's common stock into one new share of common stock.

OceanFreight says the split will transform 231.8 million shares into roughly 77.3 million units.

As TradeWinds has reported, the move was prompted in the wake of delisting pressure from New York's Nasdaq.

Under exchange rules, the company had to bring its stock into compliance with the Nasdaq $1 minimum bid requirement rule by August or face the possibility of delisting.

Shares in Athens-based shipowner had traded under the minimum threshold since early January.

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