Business
Castor Maritime Inc. Announces Pricing of $26.0 Million Registered Direct Offering
LIMASSOL, Cyprus, Jan. 08, 2021 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (the “Company”) (NASDAQ: CTRM) announces today that it has entered into a securities
About this update from Castor Maritime Inc.
[{"type":"text","content":"LIMASSOL, Cyprus, Jan. 08, 2021 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (the “Company”) (NASDAQ: CTRM) announces today that it has entered into a securities purchase agreement with certain unaffiliated institutional investors to issue approximately 137.0 million of its common shares and warrants to purchase up to an aggregate of 137.0 million common shares at a purchase price of $0.19 per common share and accompanying warrant in a registered direct offering. The warrants will have an exercise price of $0.19 per share, are exercisable immediately and will expire five years following the date of issuance. Maxim Group LLC is acting as sole placement agent for the offering. The gross proceeds to the Company from the offering are estimated to be approximately $26.0 million before deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or around January 12, 2021, subject to the satisfaction of customary closing conditions. The securities described above are being sold pursuant to effective shelf registration statements on Form F-3 and Form F-3MEF, previously filed with the Securities and Exchange Commission (the “SEC”) on June 10, 2019 and January 8, 2021, respectively. Such securities are being offered only by means of a prospectus. A prospectus supplement and the accompanying prospectus relating to and describing the terms of the registered direct offering will be filed with the SEC. When available, copies of the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained at the SEC’s website at www.sec.gov or by contacting 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 employed primarily on medium-term charters and transport a range of dry bulk cargoes, inc...