Danaos announced that it plans to offer $55 million of its common stock. Certain of our significant stockholders have indicated an interest in purchasing approximately $25 million of common stock in the offering at the public offering price, including approximately $17 million by Danaos Investment Limited, which is our largest stockholder and beneficially owned by Dr. John Coustas, our Chief Executive Officer.
In connection with the offering, Danaos intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the public offering.
Danaos plans to use the net proceeds of the offering for capital expenditures, including vessel acquisitions, and for other general corporate purposes.
Citigroup and Jefferies are acting as joint book-running managers of the offering, which will be made pursuant to an effective shelf registration statement on Form F-3 filed with the Securities and Exchange Commission (the “SEC”).