Ardmore Shipping Corporation announced that GA Holdings LLC intends to offer for sale in an underwritten public offering 4,000,000 shares of the Company's common stock.
The Selling Shareholder expects to grant the underwriters a 30-day option to purchase up to an additional 600,000 shares of common stock.
The shares to be sold by the Selling Shareholder, excluding shares subject to the option, represent approximately 49% of the shares held by the Selling Shareholder. The Company is not selling any shares and will not receive any proceeds from the proposed offering.
Ardmore's common stock is listed on the New York Stock Exchange under the symbol "ASC".
Morgan Stanley & Co. LLC and Clarksons Platou Securities AS will act as the underwriters for the offering.
Ardmore owns and operates a fleet of mid-size product and chemical tankers ranging from approximately 17,600 Dwt to 50,000 Dwt.
Ardmore provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of tankers.