Castor Maritime Inc. Announces Results of its 2020 Annual General Meeting of Shareholders
November 27 2020 - 1:00PM
Castor Maritime Inc. (NASDAQ: CTRM), (“Castor” or the “Company”), a
global shipping company specializing in the ownership of dry bulk
vessels, announces today that the Company’s Annual Meeting of
Shareholders (the “Meeting”) was duly held on November 25, 2020 at
9:00 a.m., local time, at the offices of Seward & Kissel LLP,
One Battery Park Plaza, New York, New York 10004.
At the Meeting, each of the following proposals
were approved and adopted:
- The re-election of Mr. Petros
Panagiotidis to serve as Class C Director until the 2023 Annual
Meeting of Shareholders;
- The appointment of Deloitte
Certified Public Accountants S.A. as the Company’s independent
auditors for the fiscal year of 2020; and
- The granting of discretionary
authority to the Company’s board of directors (the “Board”) to
effect one or more reverse stock splits of the Company’s issued
common shares, at a ratio of not less than one-for-two and not more
than one-for-75 and in the aggregate at a ratio of not more than
one-for-75, inclusive, with the exact ratio to be set at a whole
number within this range to be determined by the Board, or any duly
constituted committee thereof, and to authorize the Board to
implement any such reverse stock split by filing any such amendment
to the Company’s Articles of Incorporation with the Registrar of
Corporations of the Republic of the Marshall Islands at any time
following such approval.
The Company continues to monitor the closing bid
price of its common shares during the compliance period and intends
to take all necessary steps to regain compliance with the Nasdaq
Capital Market (“Nasdaq”) $1.00 minimum bid price per share
requirement and to maintain its Nasdaq listing, including by
effecting a reverse stock split consolidating the Company’s issued
and outstanding shares. The Company can also cure this deficiency
if the closing bid price of its common shares is $1.00 per share or
higher for at least ten consecutive business days during the grace
period, which includes the temporary COVID-19 relief period. In the
event the Company does not regain compliance within the grace
period and meets all other listing standards and requirements, the
Company may be eligible for an additional 180-day grace period.
During this time, the Company's common shares will continue to be
listed and trade on the Nasdaq.
About Castor Maritime Inc.
Castor Maritime Inc. is an international
provider of shipping transportation services through its ownership
of dry bulk vessels. The Company’s vessels are employed primarily
on medium-term charters and transport a range of dry bulk cargoes,
including such commodities as coal, grain and other materials along
worldwide shipping routes.
The Company's fleet currently consists of six
Panamax dry bulk vessels.
For more information please visit the Company’s
website at www.castormaritime.com
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts. The Company desires to take
advantage of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbor legislation. The
words “believe,” “anticipate,” “intend,” “estimate,” “forecast,”
“project,” “plan,” “potential,” “will,” “may,” “should,” “expect,”
“pending” and similar expressions identify forward-looking
statements. The forward-looking statements in this press release
are based upon various assumptions, many of which are based, in
turn, upon further assumptions, including without limitation, our
management’s examination of historical operating trends, data
contained in our records and other data available from third
parties. Although we believe that these assumptions were reasonable
when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control, we cannot assure
you that we will achieve or accomplish these expectations, beliefs
or projections. We undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future events or otherwise. In addition to these important factors,
other important factors that, in the Company’s view, could cause
actual results to differ materially from those discussed in the
forward‐looking statements include general dry bulk shipping market
conditions, including fluctuations in charterhire rates and vessel
values, the strength of world economies the stability of Europe and
the Euro, fluctuations in interest rates and foreign exchange
rates, changes in demand in the dry bulk shipping industry,
including the market for our vessels, changes in our operating
expenses, including bunker prices, dry docking and insurance costs,
changes in governmental rules and regulations or actions taken by
regulatory authorities, potential liability from pending or future
litigation, general domestic and international political
conditions, potential disruption of shipping routes due to
accidents or political events, the length and severity of the
COVID-19 outbreak, the impact of public health threats and
outbreaks of other highly communicable diseases, the impact of the
expected discontinuance of LIBOR after 2021 on interest rates of
our debt that reference LIBOR, the availability of financing and
refinancing and grow our business, vessel breakdowns and instances
of off‐hire, potential exposure or loss from investment in
derivative instruments, potential conflicts of interest involving
our Chief Executive Officer, his family and other members of our
senior management, and our ability to complete acquisition
transactions as planned. Please see our filings with the Securities
and Exchange Commission for a more complete discussion of these and
other risks and uncertainties. The information set forth herein
speaks only as of the date hereof, and the Company disclaims any
intention or obligation to update any forward‐looking statements as
a result of developments occurring after the date of this
communication.
CONTACT DETAILS For further information please
contact:
Petros PanagiotidisCastor Maritime Inc. Email:
ir@castormaritime.com
Media Contact: Kevin Karlis Capital LinkEmail:
castormaritime@capitallink.com
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