Castor Maritime Inc. Announces Reverse Stock Split to be Effective May 28, 2021
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LIMASSOL, Cyprus, May well 21, 2021 (Globe NEWSWIRE) — Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified world-wide transport business, announces that its board of administrators (the “Board”) has established to result a 1-for-10 reverse stock split of the Company’s common shares. The Company’s shareholders accredited the reverse inventory break up by a ratio of not less than 1-for-2 and not more than 1-for-75 and granted the Board the authority to ascertain the actual split ratio and when to progress with the reverse stock split at the Firm’s Annual Conference of Shareholders held on November 25, 2020.
The reverse stock split will just take influence, and the Company’s widespread shares will start out investing on a break up-altered foundation on the Nasdaq Money Marketplace (“Nasdaq”) as of the opening of trading on Might 28, 2021. The CUSIP selection of Y1146L125 will be assigned to the Company’s popular shares when the reverse inventory split gets to be successful.
When the reverse inventory split will become productive, every single 10 of the Company’s issued and remarkable typical shares will be put together into one particular issued and excellent popular share, with no any transform to the par worth of $.001 for each share or any shareholder’s possession proportion of the Company’s popular shares. This will lower the variety of outstanding typical shares from approximately 899.6 million shares to close to 90. million shares.
No fractional shares will be issued in link with the reverse inventory split. Shareholders who would if not acquire a fraction of a popular share of the Company will obtain a money payment in lieu thereof.
The reverse inventory break up is carried out with the objective of assembly the minimum amount $1.00 for each share need for preserving the listing of the Firm’s typical shares on Nasdaq.
Extra facts about the reverse stock break up can be observed in the Company’s proxy statement furnished to the Securities and Exchange Fee on October 23, 2020, a duplicate of which is out there at www.sec.gov.
About Castor Maritime Inc.
Castor Maritime Inc. is an intercontinental supplier of transport transportation providers via its ownership of oceangoing cargo vessels.
On a totally delivered foundation, Castor will individual a fleet of 26 vessels, with an mixture capability of 2.2 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 10 Panamax dry bulk vessels, as nicely as 1 Aframax, 5 Aframax/LR2 and 2 MR1 tankers. Wherever we refer to data on a “fully shipped basis”, we are referring to this kind of facts after supplying impact to the effective consummation of our recent vessel acquisitions.
For a lot more details, be sure to pay a visit to the Company’s web page at www.castormaritime.com.
Details on our site does not constitute a part of this push release.
Cautionary Assertion Concerning Forward-Looking Statements
Issues mentioned in this press launch may perhaps constitute forward-on the lookout statements. The Personal Securities Litigation Reform Act of 1995 delivers harmless harbor protections for forward-searching statements in get to motivate firms to supply potential data about their enterprise. Ahead-seeking statements involve statements regarding designs, aims, aims, strategies, potential functions or efficiency, and underlying assumptions and other statements, which are other than statements of historic information. We need to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are which includes this cautionary assertion in link with this risk-free harbor legislation. The phrases “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and identical expressions determine ahead-wanting statements. The forward-looking statements in this push release are dependent on several assumptions, quite a few of which are based, in convert, on additional assumptions, together with with no limitation, our management’s examination of historical working developments, knowledge contained in our documents and other info out there from third functions. Though we believe that that these assumptions have been realistic when designed, because these assumptions are inherently subject matter to major uncertainties and contingencies which are hard or unattainable to predict and are beyond our management, we are not able to assure you that we will accomplish or complete these expectations, beliefs or projections. We undertake no obligation to update any forward-on the lookout assertion, whether or not as a consequence of new facts, long run occasions or or else. In addition to these essential factors, other significant components that, in our perspective, could cause actual effects to vary materially from those people talked over in the forward-hunting statements involve basic dry bulk and tanker shipping marketplace disorders, which includes fluctuations in constitution seek the services of charges and vessel values, the energy of earth economies the security of Europe and the Euro, fluctuations in desire premiums and foreign exchange premiums, variations in demand in the dry bulk and tanker shipping business, which include the marketplace for our vessels, alterations in our working expenses, including bunker rates, dry docking and insurance plan costs, alterations in governmental rules and restrictions or steps taken by regulatory authorities, possible legal responsibility from pending or future litigation, basic domestic and worldwide political circumstances, likely disruption of shipping routes thanks to accidents or political gatherings, the duration and severity of the COVID-19 outbreak, the affect of public health and fitness threats and outbreaks of other highly communicable diseases, the influence of the anticipated discontinuance of LIBOR soon after 2021 on fascination costs of our debt that reference LIBOR, the availability of financing and refinancing and improve our business enterprise, vessel breakdowns and occasions of off-seek the services of, likely exposure or decline from investment decision in spinoff instruments, potential conflicts of fascination involving our Chief Executive Officer, his loved ones and other associates of our senior administration, and our capability to comprehensive acquisition transactions as planned. Make sure you see our filings with the Securities and Exchange Fee for a a lot more entire discussion of these and other threats and uncertainties. The information and facts established forth herein speaks only as of the day hereof, and we disclaim any intention or obligation to update any ahead-looking statements as a outcome of developments occurring right after the day of this conversation.
Contact Information
For additional data you should get in touch with:
Petros PanagiotidisCastor Maritime Inc.Email: [email protected]
Media Get in touch with:Kevin Karlis Cash LinkEmail: [email protected]
Resource: Castor Maritime Inc.
