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Golden Ocean receives Nasdaq warning

The dry bulk carrier, Golden Ocean, has received a warning from Nasdaq because the company's stock has been valued at less than one dollar for 30 consecutive trading days, informs the Fredriksen-owned carrier.

Photo: Golden Ocean

Norwegian dry bulk carrier, Golden Ocean, has been warned by Nasdaq Stock Market, because the carrier's stock has been traded for less than one dollar for 30 consecutive business days. And this fails to live up to the requirements of Nasdaq, Golden Ocean reports in a financial statement.

The stock warning was received last week shortly after the carrier was successful in raising USD 200 million in just 24 hours, enabling the company to live up to a deal with lenders to secure deferral on loans for two and half years. This deal was entirely necessary if the dry bulk carrier was to avoid divesting vessels at the low prices on the market, which has been an increasing trend among many major dry bulk carriers such as Scorpio Bulkers and Greek Star Bulk, as they have attempted to secure capital and survive the record-low market.

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