No RS is coming, they have no market cap to dilute, and it would achieve nothing. Is there any serious concern about diluting when your market capitalization is sub-$40k? Not even the scummiest firm would take that deal. It would probably cost more than the amount they could raise. There would need to be an extreme pump first to at least $1M market cap.
Additionally, they are not even allowed to take on additional debt per their covenant with NBG, which is what an RS + dilution would imply. Any additional fundraising will have to be directly through NBG. NBG owns their a**, read the 20-F. They can pull the plug on FREEF at any time. But the shipping sector is the only thing growing in Europe right now, so I don't think they will kill their chicken while its making eggs.
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