Safe Bulkers Announces the Closing of its Public Offering of Common Stock

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Safe Bulkers announced the closing of its previously announced public offering of 13,600,000 shares of common stock, par value $0.001 per share, and the exercise by the underwriters in full of their option to purchase 2,040,000 additional shares of Common Stock, in each case, at a price of $1.10 per share.

The gross proceeds from the public offering, including the sale of the overallotment shares, before the underwriting discount and other offering expenses, were approximately $17,204,000.

An entity owned and controlled by Polys Hajioannou, the chief executive officer of the Company, purchased 2,727,272 shares of Common Stock in the public offering.

The Company plans to use the proceeds of the public offering for the acquisition of secondhand vessels, capital expenditures and for other general corporate purposes, which may include repayment or settlement of its financial obligations.

Stifel, Nicolaus & Company, Incorporated and DNB Markets, Inc. acted as book-running managers of the public offering, which is being made under an effective shelf registration statement. Seaport Global Securities LLC acted as co-manager of the public offering.

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