ATHENS, Greece, Feb. 5, 2018 /PRNewswire/ — FreeSeas Inc. (OTCPK: FREEF) (“FreeSeas” or the “Company”), a transporter of dry-bulk cargoes through the ownership and operation of one Handysize vessel, announced today that the Company’s Amended and Restated Articles of Incorporation are being amended to effect a reverse stock split of the Company’s issued and outstanding common stock at a ratio of one new share for every 5,000 shares currently outstanding.
The Company anticipates that its common stock will begin trading on a split-adjusted basis when the market opens on February 6, 2018. FreeSeas’ common stock will trade under the symbol “FREED” for 20 trading days and then will change back to “FREEF”. The common shares will also trade under a new CUSIP number Y26496243.
The reverse stock split will consolidate 5,000 shares of common stock into one share of common stock at a par value of $0.001 per share. The reverse stock split will not affect any shareholder’s ownership percentage of FreeSeas’ common shares, except to the limited extent that the reverse stock split would result in any shareholder owning a fractional share. Fractional shares of common stock will be rounded up to the nearest whole share.
After the reverse stock split takes effect, shareholders holding physical share certificates will receive instructions from American Stock Transfer and Trust Company LLC, the Company’s exchange agent, regarding the process for exchanging their shares.
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes through the ownership and operation of drybulk carriers. FreeSeas’ common stock trades on the OTCPK under the symbol “FREEF”. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the SEC, which can be obtained free of charge on the SEC’s website at http://www.sec.gov. For more information about FreeSeas Inc., please visit the corporate website, www.freeseas.gr.
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy. Words such as ”expects,” ”intends,” ”plans,” ”believes,” ”anticipates,” ”hopes,” ”estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking