Eagle Announces Closing of $88M Private Placement of Common Stock

Eagle-Bulk

Eagle Bulk Shipping Inc. (Nasdaq: EGLE) (the “Company”) today announced that it has closed its previously announced private placement of its common stock for aggregate gross proceeds of $88.0 million.

After giving effect to the Company’s previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of 29,333,318 shares of the Company’s common stock at $3.00 per share. The Company intends to use the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes.

The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

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