Globus Maritime Limited Announces Reverse Stock Split
October 19 2020 - 4:05PM
Globus Maritime Limited ("Globus" or the “Company,") (NASDAQ:
GLBS), a dry bulk shipping company, announced today that its Board
of Directors (the “Board”) has determined to effect a 1-for-100
reverse stock split of the Company’s common shares and Series B
preferred shares. At the Company’s annual general meeting of
shareholders on September 24, 2020, the Company’s shareholders
approved the reverse stock split and granted the Board the
authority to determine the exact reverse split ratio and proceed
with the reverse stock split.
The reverse stock split will take effect, and
the Company’s common stock will begin trading on a split-adjusted
basis on the Nasdaq Capital Market, as of the opening of trading on
October 21, 2020 under the existing trading symbol “GLBS.” The new
CUSIP number for the common stock following the reverse stock split
is Y27265 126.
When the reverse stock split becomes effective,
every 100 shares of the Company’s issued and outstanding common
stock and Series B preferred shares will be automatically combined
into one issued and outstanding share of common stock or Series B
preferred share, as applicable, with no adjustment in par value or
the number of authorized shares of any class or series of stock.
This will reduce the number of outstanding common shares from
175,675,651 to approximately 1,756,756 shares (subject to further
adjustment based on fractional shares) and the number of Series B
preferred shares from 30,000 to 300.
No fractional shares will be issued in
connection with the reverse split of the issued and outstanding
common stock. Shareholders who would otherwise hold a fractional
share of the Company’s common stock will receive a cash payment in
lieu thereof at a price equal to that fraction to which the
shareholder would otherwise be entitled multiplied by the closing
price of the Company’s common stock on the Nasdaq Capital Market on
October 20, 2020. No fractional shares shall be issued for the
Series B preferred shares because the reverse stock split will not
result in any fractional shares for that series.
Shareholders with shares held in book entry form
or through a bank, broker, or other nominee are not required to
take any action and will see the impact of the reverse stock split
reflected in their accounts on or after October 21, 2020. Such
beneficial holders may contact their bank, broker or nominee for
more information.
Shareholders with shares held in certificated
form, if any, will receive explicit instructions from the Company’s
transfer agent, Computershare, for exchanging their stock
certificates for new shares of common stock resulting from the
reverse split.
For further information about the reverse stock
split please review the Company’s proxy statement furnished to the
Securities and Exchange Commission on August 24, 2020, a copy of
which is available on the Commission’s website at www.sec.gov, and
also on Company’s website at www.globusmaritime.gr.
About Globus Maritime Limited
Globus is an integrated dry bulk shipping
company that provides marine transportation services worldwide and
presently owns, operates and manages a fleet of five dry bulk
vessels that transport iron ore, coal, grain, steel products,
cement, alumina and other dry bulk cargoes internationally. Globus’
subsidiaries own and operate five vessels with a total carrying
capacity of 300,571 Dwt and a weighted average age of 12.6 years as
of September 30, 2020.
Safe Harbor StatementThis
communication contains “forward-looking statements” as defined
under U.S. federal securities laws. Forward-looking statements
provide the Company’s current expectations or forecasts of future
events. Forward-looking statements include statements about the
Company’s expectations, beliefs, plans, objectives, intentions,
assumptions and other statements that are not historical facts or
that are not present facts or conditions. Words or phrases such as
“anticipate,” “believe,” “continue,” “estimate,” “expect,”
“intend,” “may,” “ongoing,” “plan,” “potential,” “predict,”
“project,” “will” or similar words or phrases, or the negatives of
those words or phrases, may identify forward-looking statements,
but the absence of these words does not necessarily mean that a
statement is not forward-looking. Forward-looking statements are
subject to known and unknown risks and uncertainties and are based
on potentially inaccurate assumptions that could cause actual
results to differ materially from those expected or implied by the
forward-looking statements. The Company’s actual results could
differ materially from those anticipated in forward-looking
statements for many reasons specifically as described in the
Company’s filings with the Securities and Exchange Commission.
Accordingly, you should not unduly rely on these forward-looking
statements, which speak only as of the date of this communication.
Globus undertakes no obligation to publicly revise any
forward-looking statement to reflect circumstances or events after
the date of this communication or to reflect the occurrence of
unanticipated events. You should, however, review the factors and
risks Globus describes in the reports it will file from time to
time with the Securities and Exchange Commission after the date of
this communication.
For further information please contact: |
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|
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Globus Maritime Limited |
+30 210 960 8300 |
Athanasios Feidakis, CEO |
a.g.feidakis@globusmaritime.gr |
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Capital Link – New York |
+1 212 661 7566 |
Nicolas Bornozis |
globus@capitallink.com |
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