The old common shares were cancelled and replaced with "new" common shares. Old shareholders got a 0.5% equity interest plus 7.5% in warrants. 0.5% equity of the new share structure is the mathematical equivalent of a 1 for 107.6 reverse split before dilution and warrants. For example, if you owned 100,000 shares of Eagle Bulk Shipping yesterday you now own only 929 shares today.
At yesterday's close, 100,000 shares was worth $68,000. Today those 100,000 shares are now 929 shares worth $14,678 for a loss of 78% over night (not including the warrants). On top of this the outstanding share count is now more than double what it was yesterday so that $289 million market cap you see on Yahoo isn't accurate: it's closer to $600 million
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