Euroseas stacks shelf for securities sale that could raise up to $400m

Euroseas stacks shelf for securities sale that could raise up to $400m

NASDAQ-listed Euroseas has filed a prospectus with the US SEC, which will allow the Athens-based shipowner to potentially sell up to $400m in common and preferred shares, debt securities, warrants and units in the future.

Some 3,763,652 common shares have been earmarked for potential sale by entities associated with major shareholders the Pittas family, of which CEO Aristides Pittas (pictured) is a member. The tranche is worth around $10.8m at Euroseas’ current share price of $2.87 per share, but not all of the units will necessarily be offered for sale.

“We intend to use the net proceeds from the sale of securities that we may offer by this prospectus to make vessel acquisitions and for capital expenditures, repayment of indebtedness, working capital, and general corporate purposes. We will not receive any of the proceeds from the sale of our common shares by the selling shareholders,” Euroseas said in the prospectus.

Euroseas said the securities will be sold “from time to time” and may also be offered in convertible or exchangeable forms.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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