Castor Maritime Inc. Announces Reverse Stock Split to be5 min read
LIMASSOL, Cyprus, May perhaps 21, 2021 (Globe NEWSWIRE) — Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified international transport organization, announces that its board of directors (the “Board”) has established to influence a 1-for-10 reverse stock split of the Firm’s prevalent shares. The Company’s shareholders accepted the reverse inventory split by a ratio of not considerably less than 1-for-2 and not a lot more than 1-for-75 and granted the Board the authority to figure out the exact break up ratio and when to carry on with the reverse stock break up at the Firm’s Once-a-year Assembly of Shareholders held on November 25, 2020.
The reverse stock split will take result, and the Company’s popular shares will commence trading on a split-altered foundation on the Nasdaq Capital Market place (“Nasdaq”) as of the opening of investing on May 28, 2021. The CUSIP number of Y1146L125 will be assigned to the Firm’s frequent shares when the reverse inventory split turns into successful.
When the reverse inventory split gets efficient, every 10 of the Firm’s issued and outstanding typical shares will be put together into 1 issued and superb widespread share, with no any improve to the par worth of $.001 for each share or any shareholder’s ownership proportion of the Company’s common shares. This will reduce the range of superb frequent shares from around 899.6 million shares to somewhere around 90. million shares.
No fractional shares will be issued in link with the reverse stock split. Shareholders who would if not receive a portion of a prevalent share of the Corporation will acquire a dollars payment in lieu thereof.
The reverse stock break up is undertaken with the aim of assembly the least $1.00 per share requirement for retaining the listing of the Firm’s prevalent shares on Nasdaq.
Supplemental information and facts about the reverse inventory break up can be discovered in the Company’s proxy assertion furnished to the Securities and Exchange Commission on October 23, 2020, a duplicate of which is offered at www.sec.gov.
About Castor Maritime Inc.
Castor Maritime Inc. is an global provider of shipping transportation services by its ownership of oceangoing cargo vessels.
On a completely delivered foundation, Castor will own a fleet of 26 vessels, with an aggregate ability of 2.2 million dwt, consisting of 1 Capesize, 7 Kamsarmax and 10 Panamax dry bulk vessels, as perfectly as 1 Aframax, 5 Aframax/LR2 and 2 MR1 tankers. Exactly where we refer to details on a “fully sent basis”, we are referring to these information and facts immediately after providing outcome to the profitable consummation of our modern vessel acquisitions.
For much more information and facts, remember to check out the Company’s web site at www.castormaritime.com.
Information and facts on our web-site does not constitute a element of this press release.
Cautionary Statement About Forward-Looking Statements
Issues discussed in this push launch may possibly constitute forward-hunting statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for ahead-looking statements in buy to encourage businesses to present possible details about their enterprise. Ahead-on the lookout statements include statements concerning programs, aims, targets, tactics, long run situations or effectiveness, and underlying assumptions and other statements, which are other than statements of historical points. We motivation to take gain of the safe harbor provisions of the Personal Securities Litigation Reform Act of 1995 and are which includes this cautionary assertion in link with this safe and sound harbor laws. The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, “pending” and similar expressions detect ahead-searching statements. The ahead-seeking statements in this press launch are primarily based upon different assumptions, many of which are centered, in convert, on further more assumptions, which includes with no limitation, our management’s assessment of historical running traits, information contained in our records and other details available from third events. Despite the fact that we imagine that these assumptions have been affordable when made, simply because these assumptions are inherently subject matter to important uncertainties and contingencies which are hard or difficult to forecast and are past our control, we are not able to assure you that we will realize or achieve these anticipations, beliefs or projections. We undertake no obligation to update any ahead-searching statement, no matter if as a outcome of new info, long run activities or normally. In addition to these significant elements, other crucial components that, in our see, could induce actual outcomes to differ materially from people discussed in the forward-searching statements consist of common dry bulk and tanker shipping current market disorders, including fluctuations in constitution retain the services of charges and vessel values, the strength of earth economies the security of Europe and the Euro, fluctuations in interest fees and foreign trade fees, improvements in demand in the dry bulk and tanker delivery field, which include the current market for our vessels, alterations in our operating expenditures, together with bunker rates, dry docking and insurance coverage fees, changes in governmental guidelines and regulations or actions taken by regulatory authorities, possible liability from pending or long term litigation, standard domestic and worldwide political conditions, potential disruption of shipping routes due to accidents or political occasions, the duration and severity of the COVID-19 outbreak, the impression of public wellbeing threats and outbreaks of other remarkably communicable ailments, the effects of the anticipated discontinuance of LIBOR right after 2021 on interest charges of our personal debt that reference LIBOR, the availability of financing and refinancing and improve our organization, vessel breakdowns and occasions of off-seek the services of, prospective exposure or loss from expenditure in derivative devices, prospective conflicts of desire involving our Main Govt Officer, his spouse and children and other members of our senior management, and our means to finish acquisition transactions as prepared. You should see our filings with the Securities and Exchange Commission for a more complete discussion of these and other dangers and uncertainties. The details set forth herein speaks only as of the day hereof, and we disclaim any intention or obligation to update any forward-hunting statements as a outcome of developments transpiring just after the date of this communication.
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