Investors receive three rights for every four shares held on Aug. 14
By Devika Patel
Knoxville, Tenn., Sept. 21 – Euroseas Ltd. said it completed a $10.55 million rights offering on Sept. 17. The deal priced for about $19.5 million on Aug. 31.
The company sold rights for 2,343,335 common shares at $4.50 per share, a 16.2% discount to the Aug. 28 closing share price of $5.37. Investors received three rights for every four common shares held as of 5 p.m. ET on Aug. 14.
Computershare Trust Co., NA was the agent. Lone Star Value Investors, LP was among the investors.
Proceeds will be used to renew and expand the company’s fleet and for general corporate purposes.
Euroseas is an Athens-based owner and operator of drybulk and container carrier vessels.
| Issuer: | Euroseas Ltd.
|
| Issue: | Common stock
|
| Amount: | $10,545,008
|
| Shares: | 2,343,335
|
| Price: | $4.50
|
| Warrants: | No
|
| Record date: | Aug. 14
|
| Pricing date: | Aug. 31
|
| Expiration date: | Sept. 17
|
| Stock symbol: | Nasdaq: ESEA
|
| Stock price: | $5.37 at close Aug. 28
|
| Market capitalization: | $25.57 million
|
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