Market Snapshot

S&P Futures
Dow Futures
NASDAQ Futures

What Is Boosting Pyxis (PXS) Stock 11% In Premarket Trades?

Related Topics

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Shares of international maritime transportation company focused on the product tanker sector Pyxis Tankers Inc. (PXS) are up 11.19% after hours. Pyxis shares closed the last session at $0.90, up 6.36% or $0.03. PXS shares traded between $0.8302 and $0.9299.

A total of 2.18 million shares of PXS stock were exchanged, exceeding the company’s 50-day daily volume of 1.29 million and its Year-to-date volume of 1.88 million. PXS stock has declined 11.09% over the past 12 months, and it has gained 0.40% over the last week.

PXS stock has gained 11.04% over the last six months and decreased by -30.82% over the last three months. Since the beginning of this year, PXS shares have returned 8.37%. A NASDAQ notice requesting compliance has been weighing on the value of PXS stock.

How has Nasdaq notified PXS?

Pyxis transports refined petroleum products and other bulk liquids by sea in a modern fleet of five tankers. PXS is seeking to expand its fleet of medium-range product tankers, which offer operational flexibility and enhanced earnings potential through their “eco” features and modifications. As a result of its competitive cost structure, strong customer relationships, and a management team whose interests align with those of its shareholders, PXS is in an advantageous position to expand and maximize the value of its fleet.

In a letter dated June 16, 2021, Pyxis has been notified by Nasdaq to comply the requirements to continue listing on the Nasdaq stock market.

  • Nasdaq notified PXS that its common shares closed the trading at a price below $1.00 for 30 consecutive business days, which is requirement for continued listing on Nasdaq (the “Minimum Bid Price Requirement”).
  • The “Compliance Period” for PXS ends on December 13, 2021, so it has until then to become compliant with the Minimum Bid Price Requirement.
  • If the closing bid price of PXS’s common shares is $1.00 per share or higher for at least ten consecutive business days during the Compliance Period, the deficiency can be rectified.
  • In order to maintain compliance with the minimum bid price requirement within the Compliance Period, PXS is evaluating all available options, including the reverse stock split.
  • Pyxis will continue to list and trade its common shares on Nasdaq Capital Market through this period, and the notice will not affect Pyxis’ business operations.

What if PXS still failed to comply?

Pyxis (PXS) may be eligible for an additional 180 calendar day compliance period if it is not able to regain compliance during the notified compliance period. PXS shares may be delisted by Nasdaq if the exchange determines that PXS will not be able to cure the deficiency or if PXS is otherwise not eligible.

Leave a Comment

Your email address will not be published. Required fields are marked *

Latest Posts



Download Free eBook For


100% free. stop anytime no spam