The New York-listed containership owner saw its sharesplummet by just over 20% in early trading to $1.89 apiece at the time ofwriting from $2.38 overnight.
Following the close of play yesterday Box Ships revealed ithad lined up a share offering to give it the ammunition to cut debt and add toits fleet.
Today the company priced the 5 million units of common stockon offer at just $2.05 with a view to raising a minimum of $10m.
Each unit of common stock comes with a warrant givingholders the right to purchase a further 0.40 shares at a price of $2.65 each,potentially adding a further $5.3m.
However the warrants must be exercised immediately as theyexpire at the end of today.
In addition Neige International, an affiliate of Michael Bodouroglou,has pledged to buy 500,000 shares at the offering price in a separate privateplacement.
Underwriters have been granted an option to buy a further 651,348shares at a slight discount of $2.04 each within 45 days of the close of theoffering on 15 April.
