Globus Maritime continues to sell more shares, looking to offload up to $30m in the latest offering.
The Athanasios Feidakis-led owner of six bulkers has issued 4.8m shares at $6.25 each for sale to select unaffiliated institutional investors.
Investors may also buy them as pre-funded warrants priced at $6.24 each or as purchase warrants at $6.25 each that will expire 60 months from issuance.
The offering's gross proceeds are expected to total $30m, assuming all pre-funded warrants are exercised before deducting the placement agent’s fees and other estimated offering expenses.
It is expected to close on or about 17 February, subject to satisfying customary closing conditions.
In late January, Globus issued 2.6m common shares and purchase warrants to buy up to 1.95m units at $6.25 each.
At the time, Globus also offered to sell about 1.41m common shares and up to 1.27m pre-funded warrants at $8.50 each in a registered direct offering.
All of these warrants will expire in 66 months from their issue dates.
Both offerings are being carried out via a 31 July shelf registration statement that became effective on 12 August. Maxim Group is acting as sole placement agent for both offerings.
Globus expects to make up to just over $25m off both offers if they are fully exercised.
The company made two previous share offers of $12m and $15m over the summer after selling $14m in shares in a separate prior offer.
In October, the owner, which has 3m shares outstanding, carried out a 1-for-100 reverse stock split to stay compliant with Nasdaq's $1 minimum-bid requirement.
Globus' shares, which trade on the Nasdaq stock exchange under the ticker symbol GLBS, had fallen 11.2% to $5.93 each by midday on Friday.
