Castor Maritime Inc. Announces Results of its 2020 Annual General Meeting of Shareholders

LIMASSOL, Cyprus, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, announces today that the Company’s Annual Meeting of Shareholders (the “Meeting”) was duly held on November 25, 2020 at 9:00 a.m., local time, at the offices of Seward & Kissel LLP, One Battery Park Plaza, New York, New York 10004.

At the Meeting, each of the following proposals were approved and adopted:

1. The re-election of Mr. Petros Panagiotidis to serve as Class C Director until the 2023 Annual Meeting of Shareholders;
   
   
2. The appointment of Deloitte Certified Public Accountants S.A. as the Company’s independent auditors for the fiscal year of 2020; and
   
   
3. The granting of discretionary authority to the Company’s board of directors (the “Board”) to effect one or more reverse stock splits of the Company’s issued common shares, at a ratio of not less than one-for-two and not more than one-for-75 and in the aggregate at a ratio of not more than one-for-75, inclusive, with the exact ratio to be set at a whole number within this range to be determined by the Board, or any duly constituted committee thereof, and to authorize the Board to implement any such reverse stock split by filing any such amendment to the Company’s Articles of Incorporation with the Registrar of Corporations of the Republic of the Marshall Islands at any time following such approval.
   

The Company continues to monitor the closing bid price of its common shares during the compliance period and intends to take all necessary steps to regain compliance with the Nasdaq Capital Market (“Nasdaq”) $1.00 minimum bid price per share requirement and to maintain its Nasdaq listing, including by effecting a reverse stock split consolidating the Company’s issued and outstanding shares. The Company can also cure this deficiency if the closing bid price of its common shares is $1.00 per share or higher for at least ten consecutive business days during the grace period, which includes the temporary COVID-19 relief period. In the event the Company does not regain compliance within the grace period and meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period. During this time, the Company's common shares will continue to be listed and trade on the Nasdaq.