Gotta love how these clowns do a secondary with no price set. Just allow the Wall Street #$%$ to take it down 15-20% from yesterdays close to get the appropriate discount to ensure they don't lose shareholder be damned. How this benefits the company is beyond me. Is is any wonder main street hates these pieces of vile garbage?
This is no surprise as all of the shippers are doing this because the business is picking up once again. These shares will be digested fairly quickly by institutional investors and mutual funds.
The Company plans to use the net proceeds of the Public Offering and Private Placement for vessel acquisitions, capital expenditures and for other general corporate purposes, which may include repayment of indebtedness.