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Thursday, November 26, 2020 12:34:38 PM
How is it possible that no news has leaked from the meeting in NYC yesterday? Around 1045am EST we saw a massive surge in volume (7m shares plus) that shot it from low 14’s to 17.
My guess (and hope) is that they told shareholders that they plan on getting the additional 180 day extension from Nasdaq to meet the bid price requirements. This would require the reverse split proposed to have been approved during the shareholders meeting first as Nasdaq needs to know how the company intends to cure the deficiency during the next 180 days.
There are only 18 business days left until the deadline and the bid price has to be above 1.00 for 10 straight of those days. So either Nasdaq is granting the extension soon or *gulp* CTRM will have to execute the reverse within a couple business days max.
Based on the action and volume we saw yesterday I am optimistic that they won’t execute a R/S. The only other possibility is that they use their massive cash reserves (38m per last earnings report) to buy back much of the public float but even that isn’t a guarantee to get it over 1.00 for 10 days. 15m would buy almost 94m shares at the current price of just below .16
Guess we’ll hear by tomm but there is no reason for them to execute a reverse split and further crush shareholder value when they have so much reserve cash and a potential for another 180 day extension on the table.
Recent CTRM News
- Castor Maritime Inc. Announces Delivery of the M/V Magic Celeste • GlobeNewswire Inc. • 08/19/2024 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/08/2024 01:27:26 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/08/2024 01:26:07 PM
- Castor Maritime Inc. Reports Net Income of $22.9 Million for the Three Months Ended June 30, 2024 and Net income of $45.2 Million for the Six Months Ended June 30, 2024 • GlobeNewswire Inc. • 08/08/2024 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/06/2024 01:12:16 PM
- Castor Maritime Inc. Announces the Date of its 2024 Annual General Meeting of Shareholders • GlobeNewswire Inc. • 08/06/2024 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/25/2024 01:09:09 PM
- Castor Maritime Inc. Announces the Acquisition of its First Ultramax Vessel • GlobeNewswire Inc. • 07/25/2024 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/03/2024 01:14:01 PM
- Form SC TO-I/A - Tender offer statement by Issuer: [Amend] • Edgar (US Regulatory) • 06/03/2024 01:13:00 PM
- Castor Maritime Inc. Announces Final Results of Tender Offer to Purchase its Outstanding Common Share Purchase Warrants Issued on April 7, 2021 • GlobeNewswire Inc. • 06/03/2024 01:00:00 PM
- Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Horizon • GlobeNewswire Inc. • 05/28/2024 01:00:00 PM
- Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Vela • GlobeNewswire Inc. • 05/23/2024 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/16/2024 01:19:27 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/16/2024 01:17:56 PM
- Form SC TO-I/A - Tender offer statement by Issuer: [Amend] • Edgar (US Regulatory) • 05/16/2024 01:14:54 PM
- Castor Maritime Inc. Reports Net Income of $22.3 Million for the Three Months Ended March 31, 2024 • GlobeNewswire Inc. • 05/16/2024 01:00:00 PM
- Castor Maritime Inc. Extends Tender Offer to Purchase its Outstanding Common Share Purchase Warrants Issued on April 7, 2021 • GlobeNewswire Inc. • 05/16/2024 01:00:00 PM
- Castor Maritime Inc. Announces Tender Offer to Purchase its Outstanding Common Share Purchase Warrants Issued on April 7, 2021 • GlobeNewswire Inc. • 04/22/2024 01:00:00 PM
- Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Nebula • GlobeNewswire Inc. • 04/18/2024 01:00:00 PM
- Castor Maritime Inc. Announces Compliance with Nasdaq Minimum Bid Price Requirement • GlobeNewswire Inc. • 04/15/2024 01:00:00 PM
- Castor Maritime Inc. Announces Reverse Stock Split to be Effective March 27, 2024 • GlobeNewswire Inc. • 03/22/2024 08:05:00 PM
- Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Orion • GlobeNewswire Inc. • 03/22/2024 01:00:00 PM
- Castor Maritime Inc. Announces the Completion of the Sale of the M/V Magic Nova • GlobeNewswire Inc. • 03/12/2024 01:00:00 PM
- Castor Maritime Inc. Announces Availability of its 2023 Annual Report on Form 20-F • GlobeNewswire Inc. • 03/01/2024 02:00:00 PM
Maybacks Global and Inventel Products To Launch Global 24 Hour Shopping Channel • AHRO • Sep 3, 2024 9:15 AM
UC Asset announces plan of management stock buyback • UCASU • Sep 3, 2024 9:00 AM
Element79 Gold Corp Appoints Warren Levy to Board of Directors • ELMGF • Aug 28, 2024 9:51 AM
Integrated Ventures Announces Strategic Entry Into Health & Wellness Industry with Focus on GLP-1 Products • INTV • Aug 28, 2024 8:30 AM
ELEMENT79 ANNOUNCES UPLISTING TO OTCQB VENTURE MARKET • ELMGF • Aug 26, 2024 10:03 AM
North Bay Resources Announces Gold Assays up to 2.2 Ounces per Ton, Fran Gold Project, British Columbia • NBRI • Aug 26, 2024 10:00 AM