FreeSeas Announces Reverse Split of Common Stock
Athens, Greece, Dec. 2, 2013 (GLOBE NEWSWIRE) -- December 2, 2013 -- FreeSeas
Inc. (Nasdaq: FREE) ("FreeSeas" or the "Company"), a transporter of dry-bulk
cargoes through the ownership and operation of a fleet of Handysize and
Handymax vessels, announced today that the Company's Amended and Restated
Articles of Incorporation were amended to effect a reverse stock split of the
Company's issued and outstanding common stock at a ratio of one new share for
every 5 shares currently outstanding.
The Company anticipates that its common stock will begin trading on a split
adjusted basis when the market opens on December 2, 2013. FreeSeas' common
stock will continue to trade under the symbol "FREE." The common shares will
also trade under a new CUSIP number Y26496300.
The reverse stock split will consolidate 5 shares of common stock into one
share of common stock at a par value of $.001 per share. The reverse stock
split will not affect any shareholder's ownership percentage of FreeSeas'
common shares, except to the limited extent that the reverse stock split would
result in any shareholder owning a fractional share. Fractional shares of
common stock will be rounded up to the nearest whole share.
After the reverse stock split takes effect, shareholders holding physical
share certificates will receive instructions from American Stock Transfer and
Trust Company LLC, the Company's exchange agent, regarding the process for
exchanging their shares.
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in
Athens, Greece. FreeSeas is engaged in the transportation of drybulk cargoes
through the ownership and operation of drybulk carriers. Currently, it has a
fleet of Handysize and Handymax vessels. FreeSeas' common stock trades on the
Nasdaq Capital Market under the symbol FREE. Risks and uncertainties are
described in reports filed by FreeSeas Inc. with the SEC, which can be
obtained free of charge on the SEC's website at http://www.sec.gov. For more
information about FreeSeas Inc., please visit the corporate website,
This press release contains forward-looking statements (as defined in Section
27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future events and the
Company's growth strategy and measures to implement such strategy. Words such
as ''expects,'' ''intends,'' ''plans,'' ''believes,'' ''anticipates,''
''hopes,'' ''estimates,'' and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the Company
believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove to
be correct. These statements involve known and unknown risks and are based
upon a number of assumptions and estimates, which are inherently subject to
significant uncertainties and contingencies, many of which are beyond the
control of the Company. Actual results may differ materially from those
expressed or implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not limited to,
changes in the demand for dry bulk vessels; competitive factors in the market
in which the Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the Company's
filings with the Securities and Exchange Commission. The Company expressly
disclaims any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to reflect any
change in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is based.
At the Company
Dimitris Papadopoulos, Chief Financial Officer
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