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• The appointment of Ernst & Young (Hellas) Certified Auditors-Accountants S.A. as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2010 was ratified. Details on the Reverse Stock Split The Company anticipates that its common stock will begin trading on a split adjusted basis when the market opens on October 1, 2010. Beginning on that date, FreeSeas' common stock will trade for 20 trading days under ticker symbol "FREED" to provide notice of the reverse stock split. After this period, the symbol will revert to "FREE." The common shares will also trade under a new CUSIP number Y26496 144 effective October 1, 2010. In addition, the Company's outstanding Class Z warrants will be proportionately adjusted in accordance with the terms of the warrants and trade under the symbol "FREEZD" for 20 trading days, and then revert to "FREEZ." The reverse stock split will consolidate five shares of common stock into one share of common stock at a par value of $.001 per share. As a result of the reverse stock split, the number of outstanding common shares will be reduced from 32,437,480 to 6,487,496, excluding outstanding and unexercised share options and warrants and subject to adjustment for fractional shares. The reverse stock split will not affect any shareholder's ownership percentage of FreeSeas' common shares or warrants, 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. Additional information on the reverse stock split can be obtained via the "Investor Relations" section of FreeSeas' website at http://www.freeseas.gr, where you can find a list of Frequently Asked Questions. About FreeSeas Inc. FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers. Currently, it has a fleet of seven Handysize vessels and two Handymax vessels. FreeSeas' common stock and warrants trade on the NASDAQ Global Market under the symbols FREE and FREEZ, respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the U.S. Securities and Exchange Commission, 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, http://www.freeseas.gr. FreeSeas Inc. press release |
FreeSeas Announces the Results of its 2010 Annual General Meeting of Shareholders; 1:5 Reverse Stock Split to Be Effective October 1, 2010