I believe termination to the stock offering program was a big deal...I would have a difficult time speaking well of a company involved with YA Global or any affiliated party.
OceanFreight Inc. Announces the Termination of the Standby Equity Distribution Agreement.
ATHENS, GREECE--(Marketwire - 03/18/10) - OceanFreight Inc. (NASDAQ:OCNF - News), a global provider of seaborne transportation services, announced today that it has terminated its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd., an affiliate of Yorkville Advisors LLC, pursuant to which the Company had the option to issue and sell shares worth up to $450 million. The program has been inactive since January 2010 and as of today, the Company raised approximately $99.7 million of gross proceeds and the total number of shares outstanding is 181,800,001.
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