FreeSeas Announces Reverse Split of Common Stock
14 4월 2016 - 5:30AM
FreeSeas Inc. (Nasdaq: FREE) (“FreeSeas” or the
“Company”), a transporter of dry-bulk cargoes through the
ownership and operation of a fleet of Handysize vessels and an
owner of a controlling stake in a company commercially operating
tankers, announced today that the Company’s Amended and Restated
Articles of Incorporation are being amended to effect a reverse
stock split of the Company’s issued and outstanding common stock at
a ratio of one new share for every 200 shares currently
outstanding.
The Company anticipates that its common stock
will begin trading on a split-adjusted basis when the market opens
on April 14, 2016. FreeSeas’ common stock will continue to trade
under the symbol "FREE." The common shares will also trade under a
new CUSIP number
Y26496227.
The reverse stock split will consolidate 200
shares of common stock into one share of common stock at a par
value of $.001 per share. The reverse stock split will not affect
any shareholder’s ownership percentage of FreeSeas’ common shares,
except to the limited extent that the reverse stock split would
result in any shareholder owning a fractional share. Fractional
shares of common stock will be rounded up to the nearest whole
share.
After the reverse stock split takes effect,
shareholders holding physical share certificates will receive
instructions from American Stock Transfer and Trust Company LLC,
the Company's exchange agent, regarding the process for exchanging
their shares.
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation
with principal offices in Athens, Greece. FreeSeas is engaged in
the transportation of drybulk cargoes through the ownership and
operation of drybulk carriers and also is an owner of a controlling
stake in a company commercially operating tankers. Currently, it
has a fleet of Handysize vessels. FreeSeas' common stock trades on
the Nasdaq Capital Market under the symbol FREE. Risks and
uncertainties are described in reports filed by FreeSeas Inc. with
the SEC, which can be obtained free of charge on the SEC's website
at http://www.sec.gov. For more information about FreeSeas Inc.,
please visit the corporate website, www.freeseas.gr.
Forward-Looking Statements
This press release contains forward-looking
statements (as defined in Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended) concerning future events and the Company's growth
strategy and measures to implement such strategy. Words such as
''expects,'' ''intends,'' ''plans,'' ''believes,'' ''anticipates,''
''hopes,'' ''estimates,'' and variations of such words and similar
expressions are intended to identify forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements are reasonable, no assurance can be
given that such expectations will prove to be correct. These
statements involve known and unknown risks and are based upon a
number of assumptions and estimates, which are inherently subject
to significant uncertainties and contingencies, many of which are
beyond the control of the Company. Actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, changes in the demand
for dry bulk vessels; competitive factors in the market in which
the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Contact Information:At
the Company
FreeSeas Inc.Dimitris Papadopoulos, Chief
Financial Officer011-30-210-45-28-770Fax:
011-30-210-429-10-10dp@freeseas.grwww.freeseas.gr
Freeseas (NASDAQ:FREEZ)
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