LIMASSOL, Cyprus, May 21, 2021 (GLOBE NEWSWIRE) – Castor Maritime Inc. (NASDAQ: CTRM), (âCastorâ or the âCompanyâ), a diverse global shipping company, announces that its board of directors (the âBoard â) Decided to perform a reverse stock split of 1 for 10 of the common shares of the company. The shareholders of the company have approved the reverse stock split at a ratio of at least 1 to 2 and no more than 1 to 75 and gave the board the authority to determine the exact split ratio and when to do the split. of reverse actions. at the company’s annual meeting of shareholders held on November 25, 2020.
The reverse stock split will come into effect and the common shares of the Company will begin trading on a split adjusted basis on the Nasdaq Capital Market (âNasdaqâ) from the opening of trading on May 28, 2021. The CUSIP number of Y1146L125 will be assigned to the common shares of the Company when the Reverse Stock Split takes effect.
When the reverse stock split takes effect, each of the 10 issued and outstanding common shares of the Company will be consolidated into one issued and outstanding common share, with no change in the par value of $ 0.001 per share or the percentage of ownership. ordinary shares of the company by shareholders. . This will reduce the number of common shares outstanding from approximately 899.6 million shares to approximately 90.0 million shares.
No fractional shares will be issued as part of the reverse stock split. Shareholders who would otherwise receive a fraction of the Company’s common stock will receive a cash payment in lieu thereof.
The reverse stock split is being undertaken in order to meet the minimum requirement of $ 1.00 per share to maintain the listing of the company’s common shares on the Nasdaq.
Additional information on the reverse stock split is available in the Company’s proxy circular provided 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 maritime transport services through its ownership of ocean freighters.
On a fully delivered basis, Castor will have a fleet of 26 vessels, with a total 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 Tankers MR1. When we refer to information on a “fully delivered basis” we are referring to that information after giving effect to the success of our recent vessel acquisitions.
For more information, please visit the company’s website at www.castormaritime.com.
Information on our website is not part of this press release.
Caution Regarding Forward-Looking Statements
The matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides protections for forward-looking statements to encourage companies to provide forward-looking information about their activities. Forward-looking statements include statements about future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, which are other than statements of historical fact. We wish to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act 1995 and include this caveat in connection with this “safe harbor” legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “foresee”, “plan”, “plan”, “potential”, “will”, “can”, “should”, ” expect â,â pending âand similar expressions identify forward-looking statements. The forward-looking statements contained in this press release are based on various assumptions, many of which, in turn, are based on other assumptions, including, without limitation, our management’s review of operating trends. historical data, data contained in our records and other data available from third parties. Although we believe these assumptions were reasonable when they were 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 achieve those expectations, beliefs or projections. We assume 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 which, in our opinion, could cause actual results to differ materially from those discussed in the forward-looking statements include general market conditions for dry bulk transportation and ships. tanks, including fluctuations in rental rates and vessels. values, the strength of world economies, the stability of Europe and the euro, fluctuations in interest rates and exchange rates, changes in demand in the dry bulk and tanker transport industry , including the market for our vessels, changes in our operating expenses, including bunker prices, dry dock and insurance costs, changes in government rules and regulations or actions taken by authorities regulatory, potential liability in the event of ongoing or future litigation, general national and international political conditions, potential disruption of shipping routes due to accidents or political events, duration and severity of the COVID-19, public health impact ats and outbreaks of other highly communicable diseases, the impact of the planned LIBOR shutdown after 2021 on our debt interest rates referencing LIBOR, l availability of financing and refinancing and to grow our business, vessel failures and cases of exposure or loss of an investment in derivative instruments, potential conflicts of interest involving our CEO, his family and other members of our senior management, and our ability to complete acquisitions 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 presented here 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.
For more information, please contact:
Castor Maritime Inc.
Email: [email protected]
Email: [email protected]