Business
StealthGas Inc. Commences Self Tender Offer To Purchase Up To 4,761,904 Shares
ATHENS, Greece, March 31, 2020 /PRNewswire/ -- STEALTHGAS INC. (Nasdaq: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG)
About this update from Stealthgas, Inc.
[{"type":"text","content":"\n \n ATHENS, Greece, March 31, 2020 /PRNewswire/ -- STEALTHGAS INC. (Nasdaq: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, today announced the commencement of a tender offer to purchase up to 4,761,904 shares, or about 12.1%, of its outstanding common stock using funds available from cash and cash equivalents at a price of $2.10 per share. The tender offer will expire at the end of the day, 5:00 P.M., New York City Time, on April 28, 2020, unless extended or withdrawn. The Board of Directors determined that it is in the Company's best interest to repurchase shares at this time given StealthGas' cash position and stock price. The tender offer is not conditioned upon any minimum number of shares being tendered; however, the tender offer is subject to a number of other terms and conditions. Specific instructions and an explanation of the terms and conditions of the tender offer are contained in the Offer to Purchase and related materials that are being mailed to shareholders.\nStealthGas has retained Okapi Partners LLC as the information agent for the tender offer and American Stock Transfer & Trust Co., LLC as the depositary.\nCopies of the Offer to Purchase, the related Letter of Transmittal and the Notice of Guaranteed Delivery are being mailed to the Company's shareholders. Requests for documents and questions regarding the tender offer may be directed to Okapi Partners LLC by telephone at (888) 785-6709 or banks and brokers may call (212) 297-0720, or by email at [email protected].\nAbout STEALTHGAS INC.\nStealthGas Inc. is a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc. has a fleet of 50 vessels. The fleet is comprised of 46 LPG carriers, including eight Joint Venture vessels and an 11,000 cbm newbuilding pressurized LPG carrier with expected delivery in 2021. These LPG vessels have a total capacity of 432,141 cubic meters (cbm).The Company also owns three M.R. product tankers and one Aframax oil tanker with a total capacity of 255,804 deadweight tons (dwt). StealthGas Inc.'s shares are listed on the Nasdaq Global Select Market and trade under the symbol \"GASS.\"\nCertain Information Regarding the Tender Offer\nThe information in this press release de...