Baltic Trading (BALT) shares tumble 7.8% AH after the company announces
it has commenced a public offering of stock.
Baltic intends to use proceeds for future vessel acquisitions and/or working capital. In conjunction to the offering, the company discloses it has been in negotiations to purchase 2 Ultramax drybulk vessels for $56M. The company has the option to purchase 2 additional vessels for $28M each, which would be financed through the public offering. (8-K)
Deja vu? Shares fell 5.9% AH in Sept. when the company announced a 5.6M share follow-on.