Too low

Greek tanker player Aries Maritime Transport has been warned by the Nasdaq exchange that its share price has been below the limit for listing over the last 30 working days.

The company said it had received written notification that its stock had closed below the $1 limit over the last month. It was trading at $0.68 on Tuesday.

It now has a grace period of continued trading for 180 days.

To retain its listing it needs the price to close at above $1 for 10 consecutive days.

Beyond 15 March, 2010, it may also be eligible for an additional grace period provided it demonstrates compliance with all the initial standards for listing, with the exception of the minimum price rule.

Aries said: “The company continues to monitor its closing bid price and is considering its options in order to regain compliance with the bid price requirement.”

Last week, Greek shipowner GrandUnion furthered its takeover of Aries, reaching 71% of the votes.

Aries has nine products tankers and two containerships.

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