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EX-99.1 - PRESS RELEASE - TRAILER BRIDGE INC | d258184dex991.htm |
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 16, 2011
TRAILER BRIDGE, INC.
(Exact name of registrant as specified in its charter)
Delaware | 000-22837 | 13-3617986 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
10405 New Berlin Road East Jacksonville, Florida |
32226 | |||
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number including area code: (904) 751-7100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On November 16, 2011, Trailer Bridge, Inc. (the Company) received notice from the Nasdaq Listing Qualifications Staff (the Staff) stating that the Staff has determined that the Companys securities will be delisted from the Nasdaq Stock Market (Nasdaq). The Staff reached its decision under Nasdaq Listing Rules 5101, 5110(b), and IM-5101-1 following the Companys announcement that the Company filed a voluntary petition in the United States Bankruptcy Court for the Middle District of Florida on November 16, 2011.
As previously disclosed, on August 18, 2011, the Company received a letter from Nasdaq stating that the Companys market value of publicly held shares was below the minimum $15,000,000 requirement for continued listing. As further disclosed, on October 6, 2011, the Company received a letter from Nasdaq indicating that for 30 consecutive business days, the bid price of the Companys common stock had closed below the minimum $1.00 per share requirement for continued inclusion on Nasdaq. Given these continued listing requirements, the early status of the Bankruptcy Case and the demands the Bankruptcy Case has posed on the Companys resources, the Company does not plan to appeal the Staffs determination to delist the Companys common stock.
Accordingly, trading of the Companys common stock will be suspended at the opening of business on November 28, 2011, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Companys securities from listing and registration on Nasdaq. After the Companys common stock is delisted by Nasdaq, it may trade on the OTC Bulletin Board (OTC BB) or the Pink OTC Markets, Inc. (the Pink Sheets), but only if a market maker applies to quote the Companys common stock. There is no assurance that any market maker will decide to quote the Companys common stock immediately following delisting by Nasdaq, or at all, and thus there is no assurance that the Companys common stock will be eligible to trade on the OTC BB or the Pink Sheets.
A copy of the press release is attached as Exhibit 99.1
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit 99.1 - Press Release dated November 17, 2011.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRAILER BRIDGE, INC. | ||||||
Date: November 17, 2011 | By: | /s/ William G. Gotimer, Jr. | ||||
William G. Gotimer, Jr. | ||||||
Co-Chief Executive Officer and General Counsel |
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