HMARQ Delisting (Company Update #3)
hvide.com
“LETTER TO SHAREHOLDERS - 3
Further to my letter of September 20, we have been informed by Nasdaq of its intention to delist the stock of Hvide Marine effective with the close of business on Tuesday, September 28. Nasdaq based its decision on the Company's inability to meet the listing criteria (among them, a minimum bid price of $1 per share) and the fact that the proposed plan of reorganization would result in substantial dilution to shareholders. Nasdaq also noted that the Company has the right to appeal its decision.
Accordingly, we have filed a Form 8-K with the Securities and Exchange Commission announcing the above information. In our filing we stated that:
"The Company has not yet determined whether it will pursue an appeal and can give no assurance that an appeal, if pursued, would be successful," and
"Should the Company's Common Stock be delisted, it may trade in securities markets other than Nasdaq. However, the Company can give no assurance that its Common Stock will trade on any other markets or as to the nature and extent of any such trading."
As more news becomes available, we will continue to pass it along to you in the form of a press release and/or via the web page. In the meantime, you may make your additional concerns known to us via e-mail (jack.o'connell@hvide.com) or by calling our Investor Relations Department at 954/524-4200, x224.
Jean Fitzgerald
Chairman, President and CEO
September 22, 1999” |
