Reverse Splits

[sludgehound]

FREE R/S vote 1-2/1-10. A/S upped

FreeSeas Inc. Announces Results of Annual Meeting of Shareholders
2 minutes ago

GlobeNewswire

Athens, Greece, Dec. 22, 2014 (GLOBE NEWSWIRE) -- December 22, 2014 - FreeSeas Inc. (FREE) ("FreeSeas" or the "Company" ), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of Handysize and Handymax vessels announced today that at the annual meeting of the Company's shareholders held on December 18, 2014, the shareholders: (i) elected Mr. Ion G. Varouxakis and Mr. Dimitrios Panagiotopoulos to serve until the 2017 Annual Meeting of Shareholders; (ii) ratified the appointment of RBSM LLP, as our independent registered public accounting firm for the fiscal year ending December 31, 2014; (iii) granted discretionary authority to the Company's board of directors to (A) amend the Amended and Restated Articles of Incorporation of the Company to effect one or more consolidations of the issued and outstanding shares of common stock, pursuant to which the shares of common stock would be combined and reclassified into one share of common stock at ratios within the range from 1-for-2 up to 1-for-10 (the "Reverse Stock Split") and (B) determine whether to arrange for the disposition of fractional interests by shareholder entitled thereto, to pay in cash the fair value of fractions of a share of common stock as of the time when those entitled to receive such fractions are determined, or to entitle shareholder to receive from the Company's transfer agent, in lieu of any fractional share, the number of shares of common stock rounded up to the next whole number, provided that, (X) that the Company shall not effect Reverse Stock Splits that, in the aggregate, exceeds 1-for-15, and (Y) any Reverse Stock Split is completed no later than the first anniversary of the date of the Annual Meeting; and (iv) approved an amendment to the Amended and Restated Articles of Incorporation of the Company to increase the Company's authorized shares of common stock from 250,000,000 to 750,000,000.

Mr. Ion G. Varouxakis, Chairman, President and CEO, commented: "Having taken note of today's Annual meeting results, we would like to reaffirm the Company's commitment to the public markets as a fully reporting entity. It is the intention of the Company, being eligible under Nasdaq rules to apply for the second 180-day compliance period of the minimum bid price requirement, to not effect a reverse split at this time. The Company is actively exploring financing structures to leverage its existing unencumbered assets in order to enlarge the fleet early next year. The increase of the fleet size will not only improve earnings potential, but is expected to improve investor confidence and restore shareholder value. This shall be our foremost priority for the new year."

About FreeSeas Inc.

FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers. Currently, it has a fleet of Handysize and Handymax vessels. FreeSeas' common stock trades on the NASDAQ Capital Market under the symbol FREE. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the U.S. Securities and Exchange Commission, which can be obtained free of charge on the SEC's website at http://www.sec.gov. For more information about FreeSeas Inc., please visit the corporate website, www.freeseas.gr .