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Stock Split News

11 Sep 2019

Nasdaq: Performance Shipping Out of Compliance

Greek boxship owner Performance Shipping disclosed that it has received a noncompliance notification from the Nasdaq Stock Market.The notice was received from the regulator because the company's  closing share price was below $1.00 per share for 30 consecutive days, said the global provider of shipping transportation services through its ownership of vessels.Performance Shipping  intends to monitor the closing bid price of its common stock during a grace period and will consider its options, including a reverse stock split, in order to regain compliance."The company intends to monitor the closing bid price of its common stock during this grace period and will consider its options…

21 Aug 2019

TOP Ships in 1-for-20 Reverse Stock Split

Greek provider of oil, petroleum products and chemicals transportation services TOP Ships Inc. announced that it has determined to effect a 1-for-20 reverse stock split of the its  issued common shares.The Greek company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company's Annual Meeting of Shareholders held on August 7, 2019.The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the NASDAQ Capital Market, as of the opening of trading on Thursday, August 22, 2019 under the existing ticker symbol "TOPS".

02 May 2018

McDermott, CB&I Shareholders Approve Merger

(File photo: CB&I)

McDermott International shareholders on Tuesday approved a merger with Chicago Bridge & Iron Co that creates a vertically integrated onshore and offshore engineering and construction company, thwarting an attempt by offshore drilling contractor Subsea 7 to block the deal.More than 50 percent of McDermott shareholders supported the deal and approved a 3-to-1 reverse stock split, according to a spokesman. CB&I shareholders also voted in favor the merger, the companies said, and the combination is expected to close on May 10.Shares of CB&I were up about 6 percent…

23 Mar 2018

Top Ships: Surges on Reverse Stock Split

Shipping company's shares jump 52 pct to 26 cents in heavy premarket trading; top pct gainer on Nasdaq.   To effect 1-for-10 reverse stock split will reduce outstanding shares to ~17 mln. Shares have lost 30.2 pct YTD.   Reporting by Shreyashi Sanyal

23 Aug 2017

Diana Containerships Reports 1-for-7 Reverse Stock Split

Diana Containerships, a global shipping company specializing in the ownership of containerships, today announced that its Board of Directors has determined to effect a reverse stock split of the Company’s common shares, par value $0.01 per share, at a ratio of one-for-seven. The Company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the Company’s Annual Meeting of Shareholders held on June 29, 2017. The reverse stock split will take effect, and the Company’s common stock will begin trading on a split-adjusted basis on The Nasdaq Global Select Market…

13 Apr 2017

MOL Okays Dividend and Share Split

MOL Shareholders in the Annual General Meeting have accepted the Board’s proposal for HUF 58 bn dividend payment, which was set to allow the Dividend Per Share (DPS) to grow by 10.2% to HUF 625 from last year’s HUF 567. This represents the continuation of the last years’ gradually increasing trend of the regular dividend payment. Shareholders also approved the proposal of the Board of Directors for an 8 for 1 stock split. The current price of one MOL share (around HUF 20,000) is multiple of the share prices of other companies of the BSE premium segment. A share split generally increases turnover and liquidity, especially if it occurs at a time when a company is financially and operationally stable.

11 Oct 2016

Globus Maritime Mulls 1-for-4 Reverse Stock Split

Globus Maritime Limited, a dry bulk shipping company, announced that its Board of Directors has determined to effect a 1-for-4 reverse stock split of the Company's common shares. At the Company's annual general meeting of shareholders on September 8, 2016, the Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact reverse split ratio and proceed with the reverse stock split. The reverse stock split will take effect, and the Company's common stock will begin trading on a split-adjusted basis on the Nasdaq Capital Market, as of the opening of trading on October 20, 2016 under the existing trading symbol "GLBS." The new CUSIP number for the common stock following the reverse stock split is Y27265308.

11 Aug 2016

Eagle Bulk Shipping Raises $88mln in Private Placement

Marshall Islands corporation headquartered in Stamford, Connecticut Eagle Bulk Shipping Inc has announced that it has closed its previously announced private placement of its common stock for aggregate gross proceeds of $88.0 million. After giving effect to the Company's previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of 29,333,318 shares of the Company's common stock at $3.00 per share. The Company intends to use the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes.

19 Jun 2016

Star Bulk Sets Terms on Reverse Stock Split

Athens-based Star Bulk Carriers Corp has determined to effect a 1-for-5 reverse stock split of the Company's common shares. The Company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the Company's annual general meeting on December 21, 2015. When the reverse stock split becomes effective, every five shares of the Company's issued and outstanding common shares will be automatically combined into one issued and outstanding share of common shares without any change in the par value per share or the total number of authorized shares. This will reduce the number of outstanding common shares from approximately 219.8 million shares to approximately 44 million shares.

06 Jun 2016

Diana Containerships: Split Ratio for Reverse Stock Split

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that its Board of Directors has determined the split ratio for the previously announced reverse stock split of the company’s common shares, par value $0.01 per share, to be effective as of the opening of trading on or around June 9, 2016.   The split ratio will be one-for-eight. Upon effectiveness of the reverse stock split, the number of outstanding shares of the Company’s common stock will decrease to approximately 9,361,321, which may be further adjusted for the cancellation of fractional shares.

01 Jun 2016

Diana Containerships Announces Reverse Stock Split

Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that its Board of Directors has determined to effect a reverse stock split of the company’s common shares, par value $0.01 per share, at a ratio of not less than one-for-five and not more than one-for-twenty. The exact split ratio will be determined by the Board and announced by the company prior to the effective date. The company’s shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the company’s Annual Meeting of Shareholders held on February 24, 2016.

09 Mar 2016

Dryships Sinks Into Loss

DryShips Inc. (NASDAQ:DRYS), or DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial and operating results for the quarter ended December 31, 2015. * For the fourth quarter of 2015, the Company reported a net loss of $527.6 million, or $0.79 basic and diluted loss per share. - Vessel impairment charges and non-cash losses, of $119.1 million, or $0.18 per share. - Non-cash write down of our investment in Ocean Rig of $310.5 million, or $0.47 per share. Excluding these impairment charges and losses, the Company’s net results would have amounted to a net loss of $98.0 million, or $0.14 per share. * The Company reported negative Adjusted EBITDA of $14.8 million for the fourth quarter of 2015.

01 Jan 2016

Scorpio's Reverse Stock Split

Scorpio Bulkers Inc. informed yesterday that its board of directors has determined to effect a one-for-twelve reverse stock split of the Company's common shares, par value $0.01 per share, and a reduction in the total number of authorized common shares to 56,250,000 shares. The Company's shareholders approved the reverse stock split and change in authorized common shares at the Company's special meeting of shareholders held on December 23, 2015. The reverse stock split will take effect, and the Company's common shares will begin trading on a split-adjusted basis on the New York Stock Exchange ("NYSE") as of the opening of trading on December 31, 2015. A new CUSIP number will be assigned to the Company's common shares when the reverse stock split becomes effective.

08 Dec 2015

DryShips Nets $ 820 Mln 3Q Loss

and operating results for the third quarter ended September 30, 2015.  For the third quarter of 2015, the Company reported a net loss of $820.0 million, or $1.23 basic and diluted loss per share. Included in the third quarter 2015 results are impairment charges and loss on sales on the entire drybulk fleet, of $797.5 million, or $1.20 per share. Excluding these impairment charges and losses, the Company’s net results would have amounted to a net loss of $22.5 million, or $0.03 per share.  The Company reported Adjusted EBITDA of $30.1 million for the third quarter of 2015. - As of December 7, 2015, the Company has delivered all of its tanker vessels and 13 drybulk vessels to their new owners under the previously disclosed sales agreements for 10 tanker vessels and 17 drybulk vessels.

11 Nov 2015

Nasdaq's Second Delisting Warning to Globus Maritime

Nasdaq-listed Greek dry bulk shipowner Globus Maritime has received notification from Nasdaq indicating it is in breach of Nasdaq Global Market requirements because the closing bid price of the company’s common stock has been under $1 for the last 30 consecutive business days. The Company no longer meets the minimum bid price continued listing requirement for the Nasdaq Global Market, as set forth in Nasdaq Listing Rule. Pursuant to Nasdaq Listing Rules, the applicable grace period to regain compliance is 180 days, or until May 9, 2016. The Company intends to monitor the closing bid price of its common stock between now and May 9, 2016 and is considering its options…

05 Feb 2015

Seanergy Maritime Receives NASDAQ Notice

Seanergy Maritime Holdings Corp. announced yesterdat that it has received written notification from The Nasdaq Stock Market dated January 28, 2015, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from December 12, 2014 to January 27, 2015, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). 27, 2015. The Company intends to monitor the closing bid price of its common stock between now and July 27, 2015 and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement.

03 Jan 2015

Euroseas Receives Non-Compliance Notice

Euroseas Ltd. an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced today that it received notice from the Nasdaq Stock Market LLC ("Nasdaq") dated December 30, 2014 indicating that the Company is no longer in compliance with Nasdaq's continued listing requirements under Nasdaq Listing Rule 5450(a)(1) because the closing bid price of the Company's common stock over a period of 30 consecutive business days was less than $1.00 per share. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has six months following receipt of the notification to regain compliance with the minimum share price requirement.

12 Sep 2014

Continental Resources President Quits, Leaves Leadership Gap

Continental Resources Inc, the largest oil producer in North Dakota's Bakken shale formation, said on Thursday that Rick Bott, its president and chief operating officer, had resigned. Bott, 54, was widely considered the likely successor to Continental Chief Executive Officer Harold Hamm, 68. His departure leaves a talent gap at the top of the company, which is in the midst of an ambitious attempt to double its 2012 production levels by 2017. Continental said Bott's duties will be divided between remaining executives. It was not immediately clear why Bott resigned or if he had secured a new job. Before joining Continental in 2012, Bott had worked at Cairn India Ltd and in Devon Energy Corp's international division. Calls to Bott were not immediately returned.

09 Jul 2014

Gulf Navigation Cuts Capital, Focus on Turnaround

United Arab Emirates shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems. The company's capital has been reduced to 551 million dirhams from 1.66 billion dirhams, it said in a statement on the Dubai bourse, with the reverse stock split effectively creating one share for every three existing shares. The accounting technique allows the firm to use its own capital base to expunge its debts. Dubai's only listed crude oil shipper has been in talks with creditors for months after an ambitious expansion plan at the end of the last decade crippled the company…

02 Dec 2013

FreeSeas Announces Reverse Split of Common Stock

FreeSeas Inc., a transporter of dry-bulk cargos through the ownership and operation of a fleet of Handysize and Handymax vessels, has announced  that the company's amended and restated articles of incorporation were 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 five shares currently outstanding. The company anticipates that its common stock will begin trading on a split adjusted basis when the market opens on December 2, 2013. FreeSeas' common stock will continue to trade under the symbol free. The common shares will also trade under a new CUSIP number Y26496300. The reverse stock split will consolidate 5 shares of common stock into one share of common stock at a par value of $.001 per share.

12 Jan 2012

Horizon Lines Completes Mandatory Debt Conversion

$49.7 Million of 6.00% Series B Mandatorily Convertible Senior Secured Notes Exchanged for Common Stock and Warrants. Horizon Lines, Inc. has announced that it has completed the mandatory debt-to-equity conversion of approximately $49.7 million of the company's 6.00% Series B Mandatorily Convertible Senior Secured Notes (the "Series B Notes"). The mandatory conversion reduces debt, lowers annualized interest payments and is expected to increase the value of the company's shares outstanding.

12 Dec 2011

Horizon Stockholders Approve Reverse Stock Split

Horizon Lines Stockholders Approve 1-for-25 Reverse Stock Split at Special Stockholder Meeting. Horizon Lines, Inc. (OTCQB: HRZL) announced that stockholders at the company's special stockholders meeting on December 2, 2011, voted to approve, among other things, a 1-for-25 reverse stock split. Stockholders also approved the other three proposals presented at the special meeting. Stockholders approved amending the company's certificate of incorporation to authorize the issuance…

28 Aug 2011

Horizon Lines Modifies Agreement with Note holders

Commitments Secured to Move Forward with Refinancing; Consummation of Transaction Expected by the End of September. Horizon Lines, Inc. announced that it has entered into a definitive agreement and secured commitments from holders of more than 99% of its 4.25% convertible senior notes due in 2012 to move forward with a modified transaction that will refinance the company's entire capital structure. As part of the refinancing, the company has launched an exchange offer today for the $330.0 million of existing unsecured 4.25% convertible senior notes. Consummation of the refinancing is expected to occur by the end of September, following completion of the exchange offer.

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