Followers | 241 |
Posts | 12151 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Monday, August 31, 2015 8:00:34 PM
MAROUSSI, ATHENS, GREECE--(Marketwired - Aug 31, 2015) - Euroseas Ltd. (the "Company") (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it has commenced its previously announced rights offering to shareholders of the Company.
Pursuant to the rights offering, the Company will offer up to approximately 4,338,018 shares of common stock (the "Offered Shares") to holders of record of its common stock (the "Record Date Holders") as of the close of business on August 14, 2015 (the "Record Date"). The Company intends to commence the mailing of an offering subscription package to Record Date Holders today.
The Company intends to raise gross proceeds of approximately $19.5 million through the rights offering and to use the proceeds to renew and expand its fleet by taking delivery of its drybulk vessels currently under construction and for general corporate purposes.
The Offered Shares will be sold to Record Date Holders pursuant to non-transferable subscription rights. Basic subscription rights will be allocated in three non-transferable subscription rights for each four shares of common stock owned by Record Date Holders on the Record Date. Each subscription right represents the right to purchase one share of common stock of the Company at a subscription price of $4.50 per share and consists of a basic subscription privilege and an oversubscription privilege, which will be available if the rights offering is not fully subscribed under the basic subscription privilege. Offered Shares not purchased under the basic subscription privilege can be purchased pursuant to the oversubscription privilege, subject to the limits set forth in the prospectus for the Rights Offering, and will be allocated to Record Date Holders choosing to exercise their oversubscription privilege. If more requests for oversubscription shares are received than shares are available, shares not purchased under the basic subscription privilege will be allocated to Record Date Holders exercising their oversubscription pro rata to each oversubscribing holder based on the number of shares such holder purchased pursuant to the exercise of its basic subscription privilege in proportion to the total number of shares purchased by all oversubscribing holders pursuant to the exercise of their basic subscription privileges.
The offering will expire on September 17, 2015, unless extended by the Company. Should the rights offering be extended, the Company will announce the extension as soon as practicable by issuing a press release.
1 Shares will be issued as soon as practicable following the expiration date.
Conference Call
On Tuesday, September 8, 2015, at 10:00 a.m., Eastern Time, the management of Euroseas Ltd. will host a conference call to discuss the rights offering. Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (from the US), 0(800) 953-0329 (from the UK) or (+44) (0) 1452 542 301 (from outside the US). Please quote "Euroseas."
A replay of the conference call will be available until September 17, 2015. The United States replay number is 1(866) 247-4222; from the UK 0(800) 953-1533; the standard international replay number is (+44) (0) 1452 550 000 and the access code required for the replay is: 6973591#.
Audio Webcast - Slides Presentation
There will be a live and then archived audio webcast of the conference call, via the internet through the Euroseas website (www.euroseas.gr). Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation on the rights offering will also be available in PDF format 10 minutes prior to the conference call and webcast accessible on the company's website (www.euroseas.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
The Company has filed a registration statement (including a prospectus) on Form F-1with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. The offering will be made only by means of the prospectus dated August 31, 2015 set forth in the registration statement. Copies of the registration statement, prospectus and prospectus supplement may be obtained for free by accessing the SEC's website at www.sec.gov or by calling D.F. King, the information agent for the rights offering, toll-free at (800) 331-7487.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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.
http://www.marketwired.com/press-release/euroseas-ltd-announces-commencement-rights-offering-will-host-conference-call-on-tuesday-nasdaq-esea-2051551.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 3-year Charter Contract for its Intermediate Containership, M/V Synergy Busan • GlobeNewswire Inc. • 09/23/2024 08:21:39 PM
- Euroseas Ltd. Announces Participation at Noble Capital Markets’ Basic Industries Emerging Growth Virtual Equity Conference • GlobeNewswire Inc. • 09/23/2024 04:45:00 PM
- London Shipping Summit-Industry Leaders Presenting At 16th Annual Capital Link Shipping & Marine Services Forum • GlobeNewswire Inc. • 08/28/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/06/2024 09:24:01 PM
- Euroseas Ltd. Reports Results for the Six-Month Period and Quarter Ended June 30, 2024 • GlobeNewswire Inc. • 08/06/2024 12:54:34 PM
- Euroseas Ltd. Sets Date for the Release of Second Quarter 2024 Results, Conference Call and Webcast • GlobeNewswire Inc. • 07/31/2024 01:10:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/23/2024 09:15:43 PM
- Euroseas Ltd. Announces 18-month Charter Contract for its Feeder Containership, EM Spetses • GlobeNewswire Inc. • 07/23/2024 08:05:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/17/2024 09:00:49 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/08/2024 09:23:32 PM
- Euroseas Ltd. Announces Two-Year Time Charter Contract for its Feeder Containership, M/V Joanna, and Other Operational Developments • GlobeNewswire Inc. • 07/08/2024 08:05:00 PM
- First Citizens Bank Provides $22 Million to Euroseas Ltd. for Containership Financing • PR Newswire (US) • 06/25/2024 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/18/2024 09:09:21 PM
- Euroseas Ltd. Announces Time Charter Contract for its third Fuel Efficient 1,800 teu Feeder Containership Newbuilding, M/V Pepi Star • GlobeNewswire Inc. • 06/18/2024 08:05:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/10/2024 08:48:36 PM
- Euroseas Ltd. Announces Time Charter Contract for its Fuel Efficient 1,800 teu Feeder Containership Newbuilding, M/V Stephania K • GlobeNewswire Inc. • 06/10/2024 01:01:11 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/23/2024 08:09:17 PM
- Euroseas Ltd. Reports Results for the Quarter Ended March 31, 2024 and Declares Quarterly Common Stock Dividend • GlobeNewswire Inc. • 05/23/2024 12:42:22 PM
- Euroseas Ltd. Sets Date for the Release of First Quarter 2024 Results, Conference Call and Webcast • GlobeNewswire Inc. • 05/20/2024 08:05:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/08/2024 09:27:12 PM
- Euroseas Ltd. Announces Time Charter Contract for its Fuel Efficient 1,800 teu Feeder Containership Newbuilding, M/V Monica and Financing of M/V Monica and M/V Stefania K • GlobeNewswire Inc. • 05/08/2024 08:05:00 PM
- 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
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM