Baltic Trading falls 7.8% AH on public offering

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.

Comments (1)
  • J Mintzmyer
    , contributor
    Comments (8843) | Send Message
    Every stock that's not in a bubble falls on equity offerings.
    12 Nov 2013, 04:50 PM Reply Like
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