NEW YORK, Aug. 23, 2011 /PRNewswire/ -- General Maritime
Corporation (NYSE: GMR) announced today that on August 22, 2011, it received notice from the New
York Stock Exchange, Inc. (the "NYSE") that the Company is no
longer in compliance with the NYSE's continued listing standards
because the per share price of the Company's common stock has
fallen below the NYSE's share price requirements. The NYSE requires
the average closing price of a listed company's common stock to be
at least $1.00 per share over a
consecutive 30 trading-day period.
Subject to the NYSE's rules, the Company has six months from the
date of its receipt of the NYSE notice to regain compliance with
the minimum share price rule, or until the Company's next annual
meeting of shareholders, if shareholder approval is required to
cure the price deficiency (as would be the case for a reverse stock
split). During that time, the Company's common stock will continue
to be listed and will trade on the NYSE, subject to the Company's
continued compliance with the NYSE's other applicable listing
rules.
The NYSE notification does not affect the Company's business
operations or its Securities and Exchange Commission ("SEC")
reporting requirements, and does not conflict with any of the
Company's credit agreements or other debt obligations.
The Company expects to notify the NYSE of its intention to cure
this deficiency, including by effecting a reverse stock split, if
necessary. Any reverse stock split would be subject to the approval
of the Company's Board of Directors and shareholders.
About General Maritime Corporation
General Maritime Corporation is a leading crude and products
tanker company serving principally within the Atlantic basin, which
includes ports in the Caribbean,
South and Central America,
the United States, West Africa, the Mediterranean, Europe and the North Sea. General Maritime
also currently operates tankers in other regions including the
Black Sea and Far East. General Maritime owns a fully double-hull
fleet of 31 tankers – seven VLCC, nine Aframax, twelve Suezmax
tankers, two Panamax and one product tanker – with a total carrying
capacity of approximately 5.2 million dwt. The Company also has
three product tankers that are chartered-in with options to
purchase the vessels. The Company controls tonnage totaling 5.3
million dwt, including the owned fleet and the chartered-in
fleet.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
based on management's current expectations and observations and
include factors that, in the Company's view, could cause actual
results to differ materially from the forward-looking statements
contained in this press release. In particular, although the
Company intends to regain compliance with the NYSE's continued
listing standards, there can be no assurance that the Company will
be able to do so. This could result in a delisting of the Company's
common stock from the NYSE. Other factors that could cause actual
results to differ materially from the forward-looking statements
contained in this press release are listed from time to time in the
Company's filings with the SEC, including, without limitation, the
Company's Current Report on Form 8-K dated August 23, 2011, its Annual Report on Form 10-K
for the year ended December 31, 2010,
and its subsequent reports on Form 10-Q and Form 8-K.
This press release is not an offer to purchase or sell, or a
solicitation of an offer to purchase or sell any securities of the
Company.
SOURCE General Maritime Corporation