Greek owner Euroseas has completed the spin-off of its bulker fleet into EuroDry, now listed on the Nasdaq Capital Market and trading under the EDRY symbol.
Euroseas shareholders were given one share of EuroDry for every five shares they own in Euroseas.
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 owns a fleet of six vessels made up of three panamaxes, two kamsarmaxes, and an ultramax.