Star Bulk has become the latest listed shipping company to perform a reverse split of its stock to boost the price of its shares, which are listed on the NASDAQ Global Select Market.
The Athens-based company’s shares will be consolidated in a ratio of 1-for-5, and will begin trading on a split-adjusted basis when markets open in the US on Monday, June 20.
The split will reduce the number of Star Bulk’s outstanding common shares from approximately 219.8m shares to approximately 44m shares, the company said.
Star Bulk’s stock is trading at $0.66 per share at the time of writing. Over the past 12 months, the stock has lost around 80% of its value.