Deal sells shares at $3.00 apiece, a 57.27% discount to closing price
By Devika Patel
Knoxville, Tenn., Aug. 10 – Eagle Bulk Shipping, Inc. settled an $88 million private placement of stock on Aug. 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 29,333,318 common shares at $3.00 apiece. The price per share is a 57.27% discount to the Aug. 9 closing share price of $7.02.
Proceeds will be used to acquire dry bulk vessels and for general corporate purposes.
Eagle Bulk is a Marshall Islands corporation based in New York that owns dry bulk vessels and transports bulk cargoes.
| Issuer: | Eagle Bulk Shipping, Inc.
|
| Issue: | Common shares
|
| Amount: | $88 million
|
| Shares: | 29,333,318
|
| Price: | $3.00
|
| Warrants: | No
|
| Settlement date: | Aug. 10
|
| Stock symbol: | Nasdaq: EGLE
|
| Stock price: | $7.02 at close Aug. 9
|
| Market capitalization: | $16.04 million
|
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