The Company can cure this deficiency if the closing bid price of its common shares is US$1.00 per share or higher for at least 10 consecutive business days during the Second Compliance Period. The Company intends to regain compliance with the minimum bid price requirement within the Second Compliance Period considering all available options, including a reverse stock split. During this time, the Company's common shares will continue to be listed and traded on the Nasdaq Capital Market.
In addition, the Company has entered into a binding commitment letter with a European financial institution through which it expects to obtain financing of approximately US$15.0 million, secured by two of its dry bulk carriers. The Company expects the credit facility to have terms and conditions that are customary for financings of this size and type and to close within January 2021, subject to the negotiation and execution of definitive documentation.
