Star Bulk Sets Terms on Reverse Stock Split
By Aiswarya Lakshmi
Sunday, June 19, 2016
Athens-based Star Bulk Carriers Corp 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.
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.
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.Its 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.