After having posted on DryShips (Nasdaq: DRYS) about their stock being undervalued at $3.00, another dry bulk shipper from Greece, FreeSeas Inc. (Nasdaq:FREE), who received its deficiency letter from NASDAQ last month informing the penny stock that, because FREE has not maintained a minimum Market Value of Publicly Held Shares of $5,000,000 for the last 30 consecutive business days, the Company is no longer in compliance with NASDAQ Listing Rule Section 5450(b)(1)(C).
FREE is crushing it today,up 27.95% (+0.31) with volume thus far 6x its 3-month average. The bulk transportation company that transports various dry bulk commodities, including iron ore, grain, and coal, as well as bauxite, phosphate, fertilizers, steel products, cement, sugar, rice, and minor bulks, has until July 2, 2012 for FREE Market Value of Publicly Held Shares to meet or exceed $5,000,000 for a minimum of 10 consecutive business days.
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