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Thursday, July 23, 2015 12:30:26 PM
MAROUSSI, ATHENS, GREECE--(Marketwired - Jul 23, 2015) - Euroseas Ltd. (NASDAQ: ESEA) (the "Company"), an owner and operator of drybulk and container carrier vessels and a provider of seaborne transportation for drybulk and containerized cargoes, announces that it has completed a 1-for-10 reverse stock split, effective at the close of trading on July 22, 2015. The Company's common shares will begin trading on a split-adjusted basis on July 23, 2015.
The reverse stock split was undertaken with the objective of meeting the minimum $1.00 per share requirement for listing the Company's common stock on the Nasdaq Capital Market.
No fractional shares were issued in connection with the reverse stock split. Instead, the Company has issued one full share of the post-reverse stock split common stock to any shareholder who would otherwise have been entitled to receive a fractional share as a result of the reverse stock split. Each common shareholder holds the same percentage of the outstanding common shares after the completion of the reverse stock split as that shareholder did immediately prior to the reverse stock split, except for minor adjustment due to the additional net share fraction that was issued as a result of the treatment of fractional shares. The reverse stock split was authorized by the Company's shareholders on June 19, 2015.
About Euroseas Ltd.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 136 years. Euroseas trades on the Nasdaq Capital Market under the ticker symbol ESEA.
Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas' operations are managed by Eurobulk Ltd., an ISO 9001:2008 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containerships, 5 Handysize containerships, and 2 Feeder containerships. Euroseas' 5 drybulk carriers have a total cargo capacity of 338,540 dwt, and its 10 containerships have a cargo capacity of 17,587 teu. The Company has also signed contracts for the construction of two Ultramax (63,500 dwt) fuel efficient drybulk carriers, and two Kamsarmax (82,000 dwt) fuel efficient drybulk carriers. Including the four new-buildings, the total cargo capacity of the Company's drybulk vessels will be 629,540 dwt.
Visit our website www.euroseas.gr
http://www.marketwired.com/press-release/euroseas-ltd-announces-completion-of-reverse-stock-split-nasdaq-esea-2041157.htm
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent ESEA News
- Euroseas Ltd. Announces A Time Charter Contract for its Feeder Containership, M/V EM Hydra, and An Agreement To Sell its 2004-built 2,788 teu Feeder Containership, EM Astoria • GlobeNewswire Inc. • 04/18/2024 12:45:00 PM
- Euroseas Ltd. Announces One-Year Time Charter Contract and Completion of Retrofits for its Intermediate Containership, M/V Synergy Antwerp • GlobeNewswire Inc. • 04/02/2024 01:00:00 PM
- Euroseas Ltd. Announces Completion of Retrofits of its Intermediate Containership, M/V Marcos V, Reducing the Vessel’s Carbon Footprint • GlobeNewswire Inc. • 03/21/2024 01:00:00 PM
- REMINDER - Leading Dry Bulk & Container Shipping Companies Participating at Capital Link’s 18th Annual International Shipping Forum Monday, March 11, 2024 in New York City • GlobeNewswire Inc. • 03/06/2024 02:00:00 PM
- Euroseas Ltd. Announces Two-Year Time Charter Contract for its Fuel Efficient 2,800 teu Feeder Containership Newbuilding, M/V Leonidas Z, Commencing upon its Delivery • GlobeNewswire Inc. • 02/28/2024 09:05:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/21/2024 09:09:56 PM
- Euroseas Ltd. Reports Results for the Year and Quarter Ended December 31, 2023 and increases dividend by 20% to $0.60 per share • GlobeNewswire Inc. • 02/21/2024 01:00:00 PM
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- Euroseas Ltd. to Participate at Capital Link’s Corporate Presentation Series • GlobeNewswire Inc. • 01/16/2024 08:10:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/12/2024 10:13:50 PM
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- Register for Capital Link’s 2024 Virtual Corporate Presentation Series • GlobeNewswire Inc. • 01/10/2024 08:51:06 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/19/2023 09:22:28 PM
- Euroseas Ltd. Announces Completion of Works on Retrofitting Several Items Aiming to improve the Efficiency on its Feeder Containership, M/V Synergy Busan • GlobeNewswire Inc. • 12/19/2023 02:03:58 PM
- Live Webinar on the Container Shipping Sector with Senior Executives from Publicly Listed Companies: Thursday, December 7, 2023, at 10 a.m. ET • GlobeNewswire Inc. • 12/04/2023 03:57:29 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/09/2023 09:55:45 PM
- Euroseas Ltd. Reports Results for the Nine-Month Period and Quarter Ended September 30, 2023 • GlobeNewswire Inc. • 11/09/2023 01:38:41 PM
- Euroseas Ltd. Sets Date for the Release of Third Quarter 2023 Results, Conference Call and Webcast • GlobeNewswire Inc. • 11/01/2023 08:05:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/09/2023 08:22:32 PM
- Euroseas Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2023 • GlobeNewswire Inc. • 08/09/2023 12:00:00 PM
- Euroseas Ltd. Sets Date for the Release of Second Quarter 2023 Results, Conference Call and Webcast • GlobeNewswire Inc. • 08/03/2023 02:30:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/25/2023 08:49:17 PM
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