Euroseas, an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced that its Board of Directors has determined that the Company will implement a 1-for-8 reverse stock split, with an effective date of December 18, 2019.
The reverse stock split is undertaken with the objective of meeting the minimum $1.00 per share requirement for listing the Company’s common stock on the Nasdaq Capital Market.
The reverse stock split will become effective after the close of all trading on the effective date, and the Company’s common shares will begin trading on a split-adjusted basis on December 19, 2019, which is the trading day next following the effective date, or such other date as determined by Nasdaq.
Fractional shares will be rounded up to the next full share.
Each common shareholder will hold the same percentage of the outstanding common shares immediately following the reverse stock split as that shareholder did immediately prior to the reverse stock split except for minor adjustment due to the above-said rounding up of the fractional shares.
The reverse stock split was authorized by the Company’s shareholders on June 21, 2019.