The additional vessel is "under contract" to be acquired according to the 6-K.
An additional 930 million common shares were added instantly though, with zero disclosure as to whom these shares were issued, or why.
What were previously considered beneficial ownership positions are now no where close to the five percent threshold. The largest of the positions, Aaron Olsen's is now around .01 percent of the outstanding shares.
Active debt repayment via discounted shares dilution is in full effect.
750K of a 3 million debt is being addressed.
The likely scenario is that more debt will convert as that note is wound down, eventually.
And the sticky note regarding the reverse split is erroneous - while the common shares were reduced to 3 million the authorized shares remain 45 billion.
Of which 1.1 billion is now outstanding - a far cry from what was previously speculated to be the OS.
BSTN appears to be on the same track of insider enrichment at the expense of the public. Folks may want to reconsider what they thought was a rock solid investment opportunity here.
This is what Greek shippers do historically. Ship public money into their pockets. I see no reason why BSTN should be considered any different.
The stock is certainly not Investment grade.
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