CTRM Stock Alert: 12 Things to Know About Castor Maritime as Shares Soar

Castor Maritime (NASDAQ:CTRM) stock is on the rise Tuesday as the company completes a direct offering of its shares to institutional investors.

a cargo ship in the middle of the ocean
Source: VladSV / Shutterstock.com

Here’s everything investors need to know about Castor Maritime and CTRM stock today.

  • The company has completed a direct offering of its shares that was announced late last week.
  • This has it selling 137 million shares of CTRM stock to investors at a price of 19 cents per share.
  • The direct offering also includes warrants that are exercisable at 19 cents each.
  • These warrants can be exercised immediately and expire five years after their issue date.
  • Castor Maritime notes that the offering has the company gaining about $26 million in gross proceeds.
  • The company’s focus is on international shipping with its own dry bulk vessels.
  • It targets medium-term charters and focuses on several dry goods, such as coal or grains.
  • CTRM’s bulk fleet is made up of six vessels and the company is looking to expand with the acquisition of more ships.
  • Castor Maritime is still a fairly new company having only been founded in 2017.
  • The company is led by Petros Panagiotidis, who is the founder, chairman, CEO, and CFO of CTRM.
  • CTRM is experiencing heavy trading today with more than 261 million shares changing hands.
  • To put that in perspective, the company’s daily average trading volume is 34.79 million shares.

CTRM stock was up 21.7% as of Tuesday morning.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.


Article printed from InvestorPlace Media, https://investorplace.com/2021/01/ctrm-stock-alert-12-things-to-know-about-castor-maritime-as-shares-soar/.

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