OceanFreight Inc fka OCNF

[ScovilleUnits]

OCNF Announces Receipt of Nasdaq Notice...(non-compliance)

Monday , January 31, 2011 09:00ET

ATHENS, GREECE -- (Marketwire) -- 01/31/11 -- OceanFreight Inc. (NASDAQ: OCNF) (the "Company"), a global provider of marine transportation services, announced today that it has received written notification from The Nasdaq Stock Market ("Nasdaq") dated January 25, 2011 indicating that because the closing bid price of the Company's common stock for the previous 30 consecutive business days was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Global Market, the Company is not in compliance with Nasdaq Listing Rule 5450(a)(1). The applicable grace period to regain compliance is 180 days.

This notification has no effect on the listing of the Company's common stock at this time.

The Company intends to monitor the closing bid price of its common stock between now and July 25, 2011 and is considering its options in order to regain compliance with the Nasdaq minimum bid price requirement.