Key Developments For FreeSeas Inc.
FreeSeas Inc. (FREE.O) (Consolidated Issue listed on NASDAQ Global Market)
FreeSeas Inc. Files Registration Statement to Provide Additional Financing Flexibility
FreeSeas Inc. announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (SEC). This registration statement will provide the Company with additional flexibility to raise capital, depending on favorable market conditions. This flexibility is currently limited under its previously filed shelf registration statement. The raising of equity capital would provide the Company with additional financing capability for the acquisition of vessels, the repayment of debt and general working capital purposes.
FreeSeas Inc. Announces Appointment of Alexandros Mylonas As Chief Financial Officer
FreeSeas Inc. announced the appointment of Alexandros Mylonas as the Company's new Chief Financial Officer, effective immediately.
FreeSeas Inc. Announces Closing of Common Stock Offering
FreeSeas Inc. announced that it has completed the previously announced registered offering of 10,041,151 shares of common stock at $1.80 per share, which includes 1,309,715 shares issued pursuant to the underwriter's over-allotment option. The offering resulted in net proceeds of approximately $16.7 million, after deducting underwriting fees and estimated offering expenses. Proceeds from the offering will be used primarily for the acquisition of an additional drybulk vessel, as well as for the repayment of debt and general working capital purposes. Dahlman Rose & Company served as the sole book-running manager for the offering.
FreeSeas Inc. Announces Exercise of Over-Allotment Option
FreeSeas Inc. that the underwriters of its common stock offering exercised their over-allotment option to purchase an additional 1,309,715 shares of its common stock at $1.80 per share for additional gross proceeds of $2,357,487. The option was granted in connection with the Company's common stock offering of 8,731,436 shares of its common stock, which priced on July 22, 2009. Gross proceeds from the common share offering and the over-allotment option total approximately $18,074,072. The Company expects the offering to close on July 28, 2009. Proceeds from the offering will be used primarily for the acquisition of an additional drybulk vessel, as well as for the repayment of debt and general working capital purposes. Dahlman Rose & Company is serving as the sole book-running manager for the offering, and Rodman & Renshaw, LLC is acting as co-manager.
FreeSeas Inc. Announces Pricing Of Common Stock Offering
FreeSeas Inc. announced the pricing of an offering of 8,731,436 shares of its common stock at $1.80 per share for gross proceeds of $15,716,585. The Company expects the offering to close on July 28, 2009. Proceeds from the offering will be used primarily for the acquisition of an additional drybulk vessel, as well as for the repayment of debt and general working capital purposes. The Company has granted the underwriters an option to purchase an additional 1,309,715 shares to cover over-allotments, if any, exercisable within 30 days. Dahlman Rose & Company is serving as the sole book-running manager for the offering and Rodman & Renshaw, LLC is acting as co-manager.
