ATHENS: NASDAQ-listed Euroseas is planning a new stock offering through which it will fund its newbuilding programme, and will separately undertake a 1-for-10 reverse stock split to boost its share price.
Euroseas’ small container vessel Ninos (1,149 teu, built 1990) has also been fixed on a one-year timecharter to an unnamed party at a daily rate of $11,500.
The company plans to raise funds through a registered offering of subscription rights to its shareholders by which they will be able to purchase a certain number of Euroseas’ common shares. Each shareholder who exercises their basic subscription privilege may also subscribe for a certain number of additional shares.
