Castor Maritime Inc. Announces Reverse Stock Split to be Effective May 28, 2021
May 21 2021 - 5:00PM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”),
a diversified global shipping company, announces that its board of
directors (the “Board”) has determined to effect a 1-for-10 reverse
stock split of the Company's common shares. The Company's
shareholders approved the reverse stock split by a ratio of not
less than 1-for-2 and not more than 1-for-75 and granted the Board
the authority to determine the exact split ratio and when to
proceed with the reverse stock split at the Company's Annual
Meeting of Shareholders held on November 25, 2020.
The reverse stock split will take effect, and
the Company's common shares will begin trading on a split-adjusted
basis on the Nasdaq Capital Market ("Nasdaq") as of the opening of
trading on May 28, 2021. The CUSIP number of Y1146L125 will be
assigned to the Company's common shares when the reverse stock
split becomes effective.
When the reverse stock split becomes effective,
every 10 of the Company's issued and outstanding common shares will
be combined into one issued and outstanding common share, without
any change to the par value of $0.001 per share or any
shareholder’s ownership percentage of the Company’s common
shares. This will reduce the number of outstanding common
shares from approximately 899.6 million shares to approximately
90.0 million shares.
No fractional shares will be issued in
connection with the reverse stock split. Shareholders who
would otherwise receive a fraction of a common share of the Company
will receive a cash payment in lieu thereof.
The reverse stock split is undertaken with the
objective of meeting the minimum $1.00 per share requirement for
maintaining the listing of the Company's common shares on
Nasdaq.
Additional information about the reverse stock
split can be found in the Company’s proxy statement furnished to
the Securities and Exchange Commission on October 23, 2020, a copy
of which is available at www.sec.gov.
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of oceangoing cargo vessels.
On a fully delivered basis, Castor will own a
fleet of 26 vessels, with an aggregate capacity of 2.2 million dwt,
consisting of 1 Capesize, 7 Kamsarmax and 10 Panamax dry bulk
vessels, as well as 1 Aframax, 5 Aframax/LR2 and 2 MR1 tankers.
Where we refer to information on a “fully delivered basis”, we are
referring to such information after giving effect to the successful
consummation of our recent vessel acquisitions.
For more information, please visit the Company’s
website at www.castormaritime.com.
Information on our website does not constitute a
part of this press release.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. We desire to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and are including this cautionary statement in
connection with this safe harbor legislation. The words “believe”,
“anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”,
“potential”, “will”, “may”, “should”, “expect”, “pending” and
similar expressions identify forward-looking statements. The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management’s
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections. We undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise. In addition to these important factors,
other important factors that, in our view, could cause actual
results to differ materially from those discussed in the
forward-looking statements include general dry bulk and tanker
shipping market conditions, including fluctuations in charter hire
rates and vessel values, the strength of world economies the
stability of Europe and the Euro, fluctuations in interest rates
and foreign exchange rates, changes in demand in the dry bulk and
tanker shipping industry, including the market for our vessels,
changes in our operating expenses, including bunker prices, dry
docking and insurance costs, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, potential disruption of
shipping routes due to accidents or political events, the length
and severity of the COVID-19 outbreak, the impact of public health
threats and outbreaks of other highly communicable diseases, the
impact of the expected discontinuance of LIBOR after 2021 on
interest rates of our debt that reference LIBOR, the availability
of financing and refinancing and grow our business, vessel
breakdowns and instances of off-hire, potential exposure or loss
from investment in derivative instruments, potential conflicts of
interest involving our Chief Executive Officer, his family and
other members of our senior management, and our ability to complete
acquisition transactions as planned. Please see our filings with
the Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties. The
information set forth herein speaks only as of the date hereof, and
we disclaim any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this communication.
CONTACT DETAILS
For further information please contact:
Petros PanagiotidisCastor Maritime Inc.Email:
ir@castormaritime.com
Media Contact:Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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