wow- 52wk Range 5.01 - 156.60. I would say POS
STAMFORD, Conn., Aug. 5, 2016 /PRNewswire/ -- Eagle Bulk Shipping Inc. (EGLE) (the "Company") today announced that it has effected a 1-for-20 reverse stock split of its issued and outstanding shares of common stock. The reverse stock split, which was previously approved by the Company's Board of Directors and shareholders, took effect as of 5:00 p.m., Eastern Time, August 4, 2016. Upon the effectiveness of the reverse stock split, every 20 shares of issued and outstanding common stock were combined into one issued and outstanding share of common stock, with no change in par value per share.
The reverse stock split is intended to bring the Company into compliance with the $1.00 minimum average closing share price requirement for continued listing on the Nasdaq Global Select Market (the "NASDAQ"). In addition, the effectiveness of the reverse stock split is also (i) a requirement under the Company's previously announced Second Lien Loan Agreement, dated March 30, 2016, and (ii) a condition to the consummation of each of the Company's previously announced Common Stock Purchase Agreements, dated July 1, 2016 and July 10, 2016, respectively.
STAMFORD, Conn., Aug. 10, 2016 /PRNewswire/ -- Eagle Bulk Shipping Inc. (EGLE) (the "Company") today announced that it has closed its previously announced private placement of its common stock for aggregate gross proceeds of $88.0 million. After giving effect to the Company's previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of 29,333,318 shares of the Company's common stock at $3.00 per share. The Company intends to use the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes.
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