Robert Bugbee, president of Scorpio Bulkers, has spent around $432,100 buying shares in the NYSE-listed company.
The president purchased a total of 145,000 common shares at an average price of $2.98 per share in the open market, Scorpio said.
The stock purchase is part of Scorpio Bulkers’ third equity offering since its IPO in 2013, which was completed on Tuesday.
Certain directors of Scorpio Bulkers and Scorpio Services Holding had agreed to purchase an aggregate of 5,030,000 common shares at the public offering price of $3.00 per share.
The offering has increased Scorpio Bulkers’ number of outstanding shares by 73% to 49,713,505 common shares in total. The stock closed at $3.03 per share on Tuesday.
Scorpio Services Holding is controlled by Scorpio’s founding family, the Lolli-Ghettis. Previous to the latest equity offering, the company owned a 10.01% stake in Scorpio Bulkers and technically and commercially manages the Scorpio fleet through its subsidiaries. It began buying shares in Scorpio Bulkers in late July 2015.