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New York, July 7, 2016 - PRNewswire Genco Shipping & Trading Limited (NYSE: GNK) (the "Company") announced today that it has effected a 1-for-10 reverse stock split of its common stock, effective at 4:30 p.m., New York Time, on July 7, 2016. On April 15, 2016, the Company had announced shareholder approval to effect a reverse stock split of the Company's issued and outstanding shares of common stock at a ratio between 1-for-2 and 1-for-25, with such ratio to be determined in the sole discretion of the Company's Board of Directors. On June 29, 2016, the Board of Directors approved the implementation of a reverse stock split and determined the appropriate reverse stock split ratio to be 1-for-10. The reverse split is intended to bring the Company into compliance with the $1.00 minimum average closing share price requirement for continued listing on the New York Stock Exchange (the "NYSE"). The Company's common stock is expected to begin trading on a split-adjusted basis on the NYSE at the market open on July 8, 2016. Upon the effectiveness of the reverse stock split, every ten shares of issued and outstanding Company common stock were combined into one issued and outstanding share of common stock, with no change in par value per share. The reverse split reduced the number of shares of the Company's outstanding common stock from approximately 73.5 million shares to approximately 7.4 million shares. No fractional shares were issued as a result of the reverse stock split. Any fractional shares that would have resulted will be settled in cash. Proportionate adjustments will be made to the per share exercise price and the number of shares issuable upon the exercise of all of the Company's outstanding warrants. Shareholders holding share certificates will receive information from Computershare, Inc., the Company's transfer agent, regarding the process for exchanging their shares of common stock. Stockholders who hold their shares in brokerage accounts or "street name" will not be required to take any action to effect the exchange of their shares. Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on March 25, 2016, a copy of which is available at www.sec.gov or www.gencoshipping.com under the SEC Filings tab located on the Investor page. About Genco Shipping & Trading Limited Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco Shipping & Trading Limited's current fleet consists of 13 Capesize, eight Panamax, four Ultramax, 21 Supramax, five Handymax and 18 Handysize vessels with an aggregate capacity of approximately 5,113,000 dwt. Genco Shipping & Trading Limited press release |
