Business
Castor Maritime Inc. Announces Closing of Upsized $20.7 Million Underwritten Public Offering Including Full Exercise of Overallotment Option
LIMASSOL, Cyprus, June 26, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (the “Company”) (NASDAQ: CTRM) announced today the closing of an upsized underwritten
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, June 26, 2020 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (the “Company”) (NASDAQ: CTRM) announced today the closing of an upsized underwritten public offering of 51,400,000 units at a price of $0.35 per unit. Each unit consisted of one common share (or prefunded warrant in lieu thereof) and one Class A warrant to purchase one common share, and immediately separated upon issuance. In addition, the Company granted to Maxim Group LLC a 30-day option to purchase up to an additional 7,710,000 common shares (or prefunded warrants in lieu thereof) and/or up to 7,710,000 Class A warrants, at the public offering price less discounts and commissions, of which Maxim Group LLC has fully exercised its option to purchase 7,710,000 common shares and 7,710,000 Class A warrants. The gross proceeds of the offering to the Company, before underwriting discounts and commissions and estimated offering expenses and including full exercise of the overallotment option, were approximately $20.7 million.\n Each Class A warrant is immediately exercisable for one common share at an exercise price of $0.35 per share and expires five years from issuance. Maxim Group LLC acted as sole book-running manager in connection with the offering. The offering was conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-238990) previously filed with and subsequently declared effective by the Securities and Exchange Commission (\"SEC\") on June 23, 2020 (the “Registration Statement”). A final prospectus relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction. About Castor Maritime Inc.Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of dry bulk vessels. The Company’s vessels are employ...