Aug.15--FreeSeas Inc. (FREE) (“FreeSeas” or the “Company”), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels, announced yesterday that it has received a letter from Nasdaq, dated August 13, 2014, indicating that FreeSeas has regained compliance with Marketplace Rule 5550(b)(1) (the “Rule”), which requires a minimum of $2.5 million stockholders’ equity for continued listing on The Nasdaq Capital Market.

　　The determination by NASDAQ that the Company has complied with the Rule was based on FreeSeas’ Form 6-K filing of its interim financial statements for the period ended June 30, 2014, which evidenced stockholders’ equity of $37,563,000, resulting from the May 2014 $25 million public offering and settlement of debt with $15 million of debt forgiveness. The Nasdaq letter indicated that since the Company achieved compliance with the Rule, the matter is now closed.

　　(Source:shippingazette)