I know it's boring, but you guys should read everything. I haven't invested a dime in them and I know this:
Go to the FreeSeas website. Click on investor relations. Click on 2012 Annual Meeting Materials. Click on Proxy Statement for 2013 Annual Meeting. Scroll down to page 14: PROPOSAL 3: REVERSE SPLIT OF THE COMMON STOCK OF THE COMPANY.
Somewhere between a 1 for 2 and a 1 for 10. It will be voted on Nov. 14 (see Appendix A).
For the record, I'm still trying to decide on FREE. I'm 50-50 right now on investing or moving on. I like they're taking the steps to remain in the game, but it's tough right now. I haven't done a lot of study on the shipping industry, but it seems like there are a lot of shippers going under (pun intended). If FREE can just survive a little while longer, they might pay off. JMO.
. . . from the chitter chatter on this board. Simply to make a point, IF such an action were to take place, it would help to explain the fairly recent and heady fall that the equity experienced. Comes a point -- even in a R/S -- when the pendulum halts and reverses course. Today's early momentum and volume are noteworthy.