FreeSeas (FREE) Back in Compliance with Nasdaq Minimum Bid Rule

FreeSeas Inc. (Nasdaq: FREE) has received a letter from NASDAQ, indicating that the Company has regained compliance with the $1.00 per share minimum closing bid price requirement for continued listing on the NASDAQ Capital Market, pursuant to the NASDAQ marketplace rules. Since February 19, 2013 FreeSeas was eligible for an additional 180 calendar day period to regain compliance. For at least 10 consecutive business days from March 6, 2013 to April 2, 2013 the closing bid price has been at $1.00 per share or greater. NASDAQ indicated within its letter that since the Company has regained compliance with Listing Rule 5450(a)(1) (the "Minimum Bid Price Rule"), this matter is now closed.

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