Euroseas Ltd. (NASDAQ: ESEA), an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it is commencing a public offering of 5,000,000 shares of its common stock under the Company’s effective shelf registration statement
. In addition, one of the Company’s shareholders will be offering 750,000 shares. Wachovia Securities and Oppenheimer & Co. will act as joint bookrunning managers. In connection with the offering, the underwriters will be granted a30-day option to purchase from the Company up to 862,500 additional shares of common stock to cover any over-allotments.
Euroseas intends to use the net proceeds of the offering to acquire additional vessels and for general corporate purposes. Euroseas will not receive any of the proceeds from any shares of common stock sold by the selling shareholder.