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. 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.