Euroseas Ltd., an owner and operator of dry bulk and container carrier vessels and provider of seaborne transportation for dry bulk and containerised cargoes, announced that the registration statement on Form F-1 of EuroDry Ltd. – its dry bulk fleet spin-off – has been declared effective by the Securities and Exchange Commission. The company also announced that the application of EuroDry Ltd. for listing on the NASDAQ Capital Market under the symbol ‘EDRY’ has been approved.
Currently, EuroDry Ltd. is a wholly owned subsidiary of the company. Shares of EuroDry Ltd. will be distributed on 30 May 2018 to shareholders of record of the company as of 23 May 2018. The company’s shareholders will receive one share of EuroDry Ltd. for every five shares the company they own. After the spin-off, the company will continue owning and operating its containership fleet as the only publicly listed company focused on feeder containership vessels.
Shares of Euroseas common stock will continue to trade ‘regular way’ on the NASDAQ under the symbol ‘ESEA’ through and after the 30 May 2018 distribution date. Any holder of shares of Euroseas common stock who sells Euroseas shares regular way through the close of trading on 30 May 2018 will also be selling their right to receive shares of EuroDry Ltd. common stock in the distribution, i.e. the purchaser of those shares will also be entitled to receive the EuroDry Ltd. shares distribution.
At the same time, Euroseas shares will also trade ‘ex-distribution’ (that is, without the right to receive shares of EuroDry common stock in the distribution) beginning on or about 24 May 2018, and continuing through the close of trading on 30 May 2018, under the symbol ‘ESEAV’. Beginning on 31 May 2018, trading under ESEAV will end and trading in Euroseas stock will reflect the distribution of EuroDry Ltd.
Furthermore, a ‘when-issued’ public trading market for EuroDry Ltd.'s common stock will begin on or about 24 May 2018 on the NASDAQ under the symbol ‘EDRYV’ and continue through the close of trading on 30 May 2018. Beginning on May 31, 2018, when issued trading under EDRYV will end and EuroDry Ltd. will begin regular-way trading on the NASDAQ under the symbol EDRY.
Read the article online at: https://www.drybulkmagazine.com/shipping/24052018/registration-statement-of-eurodry-ltd-declared-effective/