As dry bulk shares continue to take a hammering Star Bulk Carriers has found itself in breach of the minimum stock price on Nasdaq.

Star Bulk has received notice from Nasdaq that its shares had traded at below the $1.00 minimum bid price for 30 consecutive business days. A failure to rectify the breach could result in the eventual delisting of Star Bulk from the exchange.

Star Bulk has 180 days in which it needs to regain compliance with the minimum price with a requirement that it trades at above $1.00 per share for 10 consecutive days. Even if the company fails to do this it may be able to get an additional grace period.

“The company intends to monitor the closing bid price of its common stock between now and 5 July 2016 and is considering all options that will allow its common shares to remain listed on the Nasdaq,” Star Bulk said.