The Greek shipping company intends to grant the underwriters a 30-day option to purchase an additional $3.75 million of its common shares to cover any overallotments.
The gross proceeds from the offering before the underwriting discount and other offering expenses are expected to be about $21 million. The company expects to use the net proceeds of the offering for general corporate purposes, which may include repaying debt and acquiring vessels.
Global Hunter Securities is acting as lead managing underwriter and sole book-runner of the offering. Maxim Group and National Securities Corporation are acting as co-managers for the offering.