Eagle Bulk Shipping Inc (EGLE)

[PinkBu]

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or St

Form 8-K for EAGLE BULK SHIPPING INC.
http://biz.yahoo.com/e/140813/egle8-k.html

13-Aug-2014

ITEM 3.01. NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD; TRANSFER OF LISTING.

In response to the announcement by Eagle Bulk Shipping Inc. (the "Company") that it filed a voluntary prepackaged case (the "Prepackaged Case") under chapter 11 of title 11 of the United States Bankruptcy Code (the "Code"), the Nasdaq Stock Market Listing Qualifications Staff (the "Staff") issued a delisting determination letter to the Company on August 8, 2014. The letter indicated that the Staff has determined to delist the Company's common stock from the Nasdaq Global Select Market as a result of the Company's decision to file such a petition for relief under the Code, and associated public interest concerns raised by such filing, pursuant to the discretionary authority provided under Marketplace Rules 5101, 5110(b) and IM-5101-1. The Staff's letter also cited concerns regarding the residual equity interest of the holders of the existing common stock, as well as concerns about the Company's ability to sustain compliance with all requirements for continued listing on the Nasdaq Stock Market, as reasons for the delisting determination.

The Staff's letter further advises the Company that trading of the Company's common stock will be suspended at the opening of business on August 19, 2014 unless it requests a hearing with a Nasdaq Listing Qualifications Hearing Panel (the "Panel") to appeal the proposed delisting. The Company intends to request a hearing with the Panel to appeal the proposed delisting. The Company's common stock will remain listed on the Nasdaq Global Select Market pending the outcome of the hearing.