LIMASSOL, Cyprus, April 5, 2021 (GLOBE NEWSWIRE) – Castor Maritime Inc. (the “Company”) (NASDAQ: CTRM) announces today that it has entered into a securities purchase agreement with certain unaffiliated institutional investors to issue approximately 192 , 3 million of its common shares and warrants to purchase up to a total of 192.3 million common shares at a purchase price of $ 0.65 per common share and attached warrant in a registered direct offer (the “Offer”). The warrants will have an exercise price of $ 0.65 per share, are exercisable immediately and will expire five years after the date of issue.
Maxim Group LLC acts as the sole placement agent for the Offer.
Gross income for the Company from the Offering is estimated to be approximately $ 125.0 million before deducting the placement agent fees and other estimated expenses from the Offering. The Offer is expected to close around April 7, 2021, subject to satisfaction of customary closing conditions.
The securities described above are being offered by the Company pursuant to a shelf registration statement on Form F-3ASR (file number: 333-254977), including a base prospectus contained therein, which automatically became effective upon be filed with the US Securities and Exchange Commission (“SEC”) on April 1, 2021. Such securities are offered only by means of a supplemental prospectus and the accompanying base prospectus. The Company will file with the SEC a related supplemental prospectus describing the terms of the Offer, which will be available on the SEC’s website at http://www.sec.gov. Copies of the supplemental prospectus, along with the base prospectus, related to the Offering, when available, may be obtained by contacting: Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, by phone: (212) 895-3500.
This press release will not constitute an offer to sell or solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction where such offer, solicitation or sale is illegal prior to registration or rating. of these securities under the securities laws of that state or jurisdiction.
About Castor Maritime Inc.
Castor Maritime Inc. is an international provider of maritime transportation services through its ownership of transoceanic cargo ships.
On a full delivery basis, Castor will have a fleet of 14 vessels, with an aggregate capacity of 1.3 million dwt, consisting of 1 Capesize, 5 Kamsarmax and 6 Panamax dry bulk vessels and 2 Aframax LR2 tankers. When we refer to information on a “complete delivery basis”, we refer to such information after giving effect to the successful completion of our recent ship acquisitions.
For more information, visit the company’s website at www.castormaritime.com. The information on our website is not part of this press release.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements to encourage companies to provide forward-looking information about their businesses. Forward-looking statements include statements about future plans, objectives, goals, strategies, events or performance, and underlying assumptions and other statements, which are not statements of historical fact. We wish to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and we are including this cautionary statement in connection with this safe harbor legislation. The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “project”, “plan”, “potential”, “will”, “may”, “should”, “expect”, Expressions “pending” and the like identify forward-looking statements. The forward-looking statements in this press release are based on various assumptions, many of which are based, in turn, on additional assumptions, including, but not limited to, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or achieve these expectations, beliefs or projections. We do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. In addition to these important factors, other important factors that, in our opinion, could cause actual results to differ materially from those discussed in the forward-looking statements include general market conditions for dry bulk and tanker shipping, including fluctuations in shipping rates. freight and boat rental rates. values, the strength of world economies, the stability of Europe and the euro, fluctuations in interest rates and currency exchange rates, changes in demand in the shipping industry for dry bulk and oil tankers, including market of our vessels, changes in our operating expenses, including bunker prices, dry dock and insurance costs, changes in government rules and regulations or actions taken by regulatory authorities, potential liability for pending or future litigation, general political conditions national and international, potential disruption of shipping routes due to accidents or political events, the duration and severity of the COVID-19 outbreak, the impact of public health ats and outbreaks of other highly communicable diseases, the impact of the expected disruption of LIBOR after 2021 in the interest rates of our debt that refer to LIBOR, the availability of financing and refinancing and the growth of our business, ship failures and instances of exposure or loss due to investment in derivative instruments, possible conflicts of interest involving our Executive Director, his family and other members of our senior management, and our ability to complete acquisition transactions as planned. See our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information presented here refers only to the date hereof, and we waive any intention or obligation to update any forward-looking statement as a result of developments that occur after the date of this communication.
For more information contact:
Castor Maritime Inc.
Email: [email protected]
Email: [email protected]