Nordic American Tankers has readied a $40m at the market offering, the latest in a fundraising spree from the Herbjorn Hansson-led company.
The tanker owner announced after the close Friday that it intends to sell another 19.6 million shares through B Riley FBR, adding to its 141.9 million outstanding shares.
The sales will be used for "general corporate purposes," per Securities and Exchange Commission filings, and will net the company just over $38m after fees once completed.
Shares of the tanker owner closed down two cents Friday, at $2.02.
The move comes after Nordic American Tankers announced a five-year $306m refinancing deal with Dallas-based Beal Bank last month.
The deal was hailed by analysts as a means of boosting the company's liquidity. The loan comes in at a lower rate than its previous revolving credit deal and removed dividend restrictions.
The company also raised $100 million by scrapping older ships.
The move also comes at a time when Nordic American Tankers' recent financial state is being called into question in Norwegian courts in a legal spat between the company and former finance chief Turid Sorensen.
Sorensen sued after the company refused a bank guarantee for her $2m pension. Sorensen left Nordic American Tankers in June 2017, then established Faerder Tankers Norway.
In testimony, Sorensen said banks could have called their loans to the tanker owner in 2017, but was prevented from voicing her concerns by Hansson.
