Cypriot bulker owner Castor Maritime is attempting to pull off a similar share deal to that achieved by rival Globus Maritime this week.
The Nasdaq-listed company is aiming to sell stock and warrants to raise $14m for ship acquisitions. This compares to its market cap of $6.2m.
Globus, another small-cap Nasdaq shipping company, added nearly $14m to its coffers by also selling shares and warrants, using the same bookrunner, Maxim Group.
The bulker owner upsized its offer after encountering strong investor demand, and Castor is doing the same.
The owner plans to sell up to 51.4m shares at $0.35 each, with a warrant for another share attached.
Capex covered?
The cash will also go towards capital expenditures and general corporate use. The offer should close on 26 June.
Maxim can buy another 7.71m shares itself, with warrants as part of the deal.
Globus sold 34.28m shares at the same $0.35 price. Maxim Group bought 5.12m Globus shares in addition, worth a further $1.8m.
Castor reported a deficit for the first quarter amid higher expenses.
The Petros Panagiotidis-led owner of three bulkers made a $259,868 loss, versus a $55,969 profit during the same period last year.
The stock closed at $0.63 in New York on Tuesday.
In April, the company was given more time by the Nasdaq exchange to bring this back above the minimum requirement of $1.
