Limassol, Cyprus - April 5, 2021
Castor Maritime Inc. (the “Company”) (NASDAQ: CTRM) announces today that it has entered into a securities purchase agreement with certain unaffiliated institutional investors to issue approximately 192.3 million of its common shares and warrants to purchase up to an aggregate of 192.3 million common shares at a purchase price of $0.65 per common share and accompanying warrant in a registered direct offering (the “Offering”). The warrants will have an exercise price of $0.65 per share, are exercisable immediately and will expire five years following the date of issuance.
Maxim Group LLC is acting as sole placement agent for the Offering.
The gross proceeds to the Company from the Offering are estimated to be approximately $125.0 million before deducting the placement agent’s fees and other estimated Offering expenses. The Offering is expected to close on or around April 7, 2021, subject to the satisfaction of customary closing conditions.
The securities described above are being offered by the Company pursuant to a shelf registration statement on Form F-3ASR (File No.: 333-254977), including a base prospectus contained therein, which became automatically effective upon filing with the U.S. Securities and Exchange Commission ("SEC") on April 1, 2021. Such securities are being offered only by means of a prospectus supplement and accompanying base prospectus. A prospectus supplement related to and describing the terms of the Offering will be filed by the Company with the SEC and available on the SEC's website at http://www.sec.gov. Copies of the prospectus supplement, together with the base prospectus, relating to the Offering may be obtained, when available, by contacting: Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, by telephone: at (212) 895-3500.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.
About Castor Maritime Inc.
Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.
On a fully delivered basis, Castor will have a fleet of 14 vessels, with an aggregate capacity of 1.3 million dwt, consisting of 1 Capesize, 5 Kamsarmax and 6 Panamax dry bulk vessels and 2 Aframax LR2 tankers. Where we refer to information on a “fully delivered basis”, we are referring to such information after giving effect to the successful consummation of our recent vessel acquisitions.
For more information please visit the Company’s website at www.castormaritime.com. Information on our website does not constitute a part of this press release.
Castor Maritime press release