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.
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