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Wednesday, December 27, 2017 9:36:35 AM
On December 19, 2017, Box Ships Inc. (the “ Company ”) entered into an exchange agreement (the “ Exchange Agreement ”) with an unrelated third party and holder (the “ Holder ”) of 25,588 shares of 9.00% Series C Cumulative Redeemable Perpetual Preferred Shares issued by the Company, with each share having a liquidation value of $25.00 per share, for an aggregate liquidation value of $639,700 (collectively, the “ Preferred Shares ”), pursuant to which the Holder agreed to exchange the Preferred Shares (the “ Preferred Shares Exchange ”) for a $73,970 principal amount convertible note (the “ Exchange Note ”). The Preferred Shares Exchange closed on December 22, 2017.
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