Castor Maritime announces 1-for-10 reverse stock split
Investing.com | Editor Natashya Angelica
Published Mar 22, 2024 04:14PM ET
LIMASSOL, Cyprus - Castor Maritime Inc. (NASDAQ: CTRM), a global shipping company, has announced a 1-for-10 reverse stock split of its common shares. The decision was made by the company's board of directors following shareholder approval at the Annual Meeting on September 1, 2023.
The reverse stock split is set to take effect as the market opens on Monday, March 27, 2024, under the existing ticker symbol CTRM on the Nasdaq Capital Market.
This corporate action will consolidate every ten issued and outstanding common shares into one, reducing the total number of outstanding shares from approximately 96.6 million to about 9.66 million.
The par value per share will remain unchanged at $0.001, and the reverse stock split will not alter shareholders' percentage ownership, except for adjustments due to rounding. Shareholders who would otherwise hold a fractional share will receive a cash payment instead.
The primary objective of this reverse stock split is to meet the Nasdaq's minimum bid price requirement of $1.00 per share to maintain the company's listing. Castor Maritime operates a fleet of 14 vessels, including Kamsarmax, Panamax dry bulk vessels, and containerships, and has recently agreed to sell several vessels, such as the M/V Magic Nebula and the M/V Magic Venus.
The company has cautioned that forward-looking statements in the press release, which include plans and expectations, are subject to uncertainties and contingencies beyond their control. These statements are based on assumptions that may not prove to be accurate, and actual outcomes could differ materially.
The reverse stock split details are available in the Company's Form 6-K report furnished to the Securities and Exchange Commission on July 31, 2023. The company emphasizes that information on their website is not part of this press release.
This announcement is based on a press release statement from Castor Maritime Inc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.