Genco and Pyxis on notice; DryShips splits

Two shipowners warned by New York exchanges, while Economou-led company announces timeline to address its share price.

Genco Shipping & Trading and Pyxis Tankers both received notices from New York’s exchanges that their stock prices are too low for listing requirements, while DryShips announced a timeline to address its shares’ ongoing deficiency.

Peter Georgiopoulos-led Genco said the New York Stock Exchange has told the bulker owner that its share price has been below the $1 minimum for 30 consecutive days.

Genco said it has informed the stock market of its plans to solve the deficiency.

Reverse split possible

“The company will actively monitor its stock price and evaluate all available options in order to regain compliance within the prescribed time frame, which may include a reverse stock split,” Genco said.

Though the company’s shares surged 20% Friday, they closed at $0.60, still well below the minimum.

_KE19644.jpg DryShips chief executive George Economou

Products tanker owner Pyxis, meanwhile, said it received a similar notice from the Nasdaq Capital Market.

But this week’s rising stock market has been more helpful to the Greek company, which saw its share price jump 9.7% Friday to close the week at $1.13. The shares must remain above $1 for 10 consecutive days to put the company back in compliance.

“We are currently reviewing options to meet the requirements for continued listing on the Nasdaq Capital Market,” Pyxis said Friday.

DryShips, the George Economou-led bulker and offshore vessel owner, said it will carry out a reverse stock split on 11 March that will give investors 1 new share for every 25 existing shares.

Shareholders approved the move last week.

DryShips’ stock price was below $0.11 at Friday’s close.

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