TOP Ships Inc.’s stock jumped 7.0% to $1.40 in premarket trade Friday, after the Greece-based ship-owning company said it regained compliance with the Nasdaq’s minimum bid price requirement. That compliance comes after the company effected at 30-for-1 reverse stock split on Aug. 3, that increased its stock price by a factor of 30. The company had received notice from the Nasdaq on June 27 that the stock had traded below the minimum bid price requirement of $1.00 a share for the past 30 consecutive days. The latest reverse stock split was the third reverse split effected in three months, including a 15-for-1 split on June 23 and a 20-for-1 split on May 11. That means the stock price has been increased by a factor of 9,000 in three months to regain compliance. The stock has plunged 99.6% over the past three months through Thursday, while the Dow Jones Transportation Average has gained 3.8% and the S&P 500 has tacked on 2.7%.
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