Castor Maritime Inc. announced today the closing of an upsized underwritten public offering of 51,400,000 units at a price of $0.35 per unit. Each unit consisted of one common share (or prefunded warrant in lieu thereof) and one Class A warrant to purchase one common share, and immediately separated upon issuance. In addition, the Company granted to Maxim Group LLC a 30-day option to purchase up to an additional 7,710,000 common shares (or prefunded warrants in lieu thereof) and/or up to 7,710,000 Class A warrants, at the public offering price less discounts and commissions, of which Maxim Group LLC has fully exercised its option to purchase 7,710,000 common shares and 7,710,000 Class A warrants. The gross proceeds of the offering to the Company, before underwriting discounts and commissions and estimated offering expenses and including full exercise of the overallotment option, were approximately $20.7 million.
Image: Castor Maritime Inc.
Each Class A warrant is immediately exercisable for one common share at an exercise price of $0.35 per share and expires five years from issuance.
Maxim Group LLC acted as sole book-running manager in connection with the offering.
Source: Castor Maritime Inc.