Star Bulk Carriers announces reverse stock split
Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (NASDAQ: SBLK), a global shipping company focusing on transportation of dry bulk cargoes, announced that its Board of Directors 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.
The reverse stock split will take effect, and the Company’s common shares will begin trading on a split-adjusted basis on the NASDAQ Global Select Market, as of the opening of trading on Monday, June 20, 2016. The Company’s common shares will trade under the new CUSIP number “Y8162K 204” when the reverse stock split becomes effective.
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.
No fractional shares will be issued in connection with the reverse split of the issued and outstanding common shares. Shareholders who would otherwise hold a fractional share of the Company’s common shares will receive a cash payment in lieu thereof at a price equal to that fraction to which the shareholder would otherwise be entitled multiplied by the NASDAQ closing price of the common shares on June 17, 2016. Shareholders will receive instructions from their broker or from the Company’s exchange agent, American Stock Transfer & Trust Company, LLC, advising on the appropriate reverse stock split procedures.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK". On a fully delivered basis, Star Bulk will have a fleet of 75 vessels, with an aggregate capacity of 8.4 million dwt, consisting of Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax and Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt. Our fleet currently includes 70 operating vessels and 5 newbuilding vessels under construction at shipyards in China. Additionally, the Company has one chartered-in Supramax vessel, under a time charter expiring in September 2017.
