Euroseas Completes EuroDry Spinoff
Aiswarya Lakshmi
Thursday, May 31, 2018
Euroseas announced that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned.
A press release from the owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes said that the shares of EuroDry has commenced trading on May 31, 2018 on the NASDAQ Capital Market under the symbol “EDRY.”
Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. We expect that our clear sector strategy and growth plans will allow Euroseas to trade much closer to its net asset value, which we believe it to be around $3 per share."
EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands. EuroDry operates in the dry cargo, drybulk shipping markets. EuroDry’s operations are managed by Eurobulk.
Euroseas operates in the container shipping markets. Euroseas' operations are also managed by Eurobulk.