Castor Maritime Inc (NASDAQ:CTRM) stock fell sharply in after-hours session on Friday.
CTRM stock was down 16.30% to $0.36 in after-hours session. The stock was down 0.45% to $0.4247 in regular session on Friday. More than 57.72 shares traded hands. The stock opened at the lowest point of the session at $0.43 and moved within a range of $ 0.4201 – 0.4375.
CTRM Released Late Friday
Castor Maritime Inc. Announces Reverse Stock Split to be Effective May 28, 2021
- CTRM announced that its board of directors (the “Board”) has determined to effect a 1-for-10 reverse stock split of the Company’s common shares. The Company’s shareholders approved the reverse stock split by a ratio of not less than 1-for-2 and not more than 1-for-75 and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company’s Annual Meeting of Shareholders held on November 25, 2020.
- The reverse stock split will take effect, and the Company’s common shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market (“Nasdaq”) as of the opening of trading on May 28, 2021.
- The CUSIP number of Y1146L125 will be assigned to the Company’s common shares when the reverse stock split becomes effective.
- When the reverse stock split becomes effective, every 10 of the Company’s issued and outstanding common shares will be combined into one issued and outstanding common share, without any change to the par value of $0.001 per share or any shareholder’s ownership percentage of the Company’s common shares.
- This will reduce the number of outstanding common shares from approximately 899.6 million shares to approximately 90.0 million shares.
- The reverse stock split is undertaken with the objective of meeting the minimum $1.00 per share requirement for maintaining the listing of the Company’s common shares on Nasdaq.