FreeSeas pushes through reverse stock split

FreeSeas pushes through reverse stock split

Athens: NASDAQ-listed FreeSeas is pushing through a reverse stock split of the company’s issued and outstanding common stock at a ratio of one new share for every 50 shares currently outstanding.

Fractional shares of common stock will be rounded up to the nearest whole share.

Earlier this month, FreeSeas, a Greek outfit that has focused on handysized bulkers, announced it had acquired a 51% stake in Standcorp International, a new company that will operate tankers.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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