Castor Maritime (NASDAQ:CTRM) stock is on the rise Tuesday as the company completes a direct offering of its shares to institutional investors.
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Here’s about Castor Maritime and CTRM stock today.
- The company has completed a direct offering of its shares that was announced late last week.
- This has it selling 137 million shares of CTRM stock to investors at a price of 19 cents per share.
- The direct offering also includes warrants that are exercisable at 19 cents each.
- These warrants can be exercised immediately and expire five years after their issue date.
- Castor Maritime notes that the offering has the company gaining about $26 million in gross proceeds.
- The company’s focus is on international shipping with its own dry bulk vessels.
- It targets medium-term charters and focuses on several dry goods, such as coal or grains.
- CTRM’s bulk fleet is made up of six vessels and the company is looking to expand with the acquisition of more ships.
- Castor Maritime is still a fairly new company having only been founded in 2017.
- The company is led by Petros Panagiotidis, who is the founder, chairman, CEO, and CFO of CTRM.
- CTRM is experiencing heavy trading today with more than 261 million shares changing hands.
- To put that in perspective, the company’s daily average trading volume is 34.79 million shares.
CTRM stock was up 21.7% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
