OceanFreight Inc. Announces Reverse Stock Split to Be Effective July 6, 2011
05 July 2011 - 10:30PM
Marketwired
OceanFreight Inc. (NASDAQ: OCNF) (the "Company") announced today
that its Board of Directors has determined to effect a 1-for-20
reverse stock split of the Company's Class A common stock. The
Company's shareholders approved the reverse stock split and granted
the Board the authority to determine the exact split ratio and
proceed with the reverse stock split at the 2011 annual general
meeting of shareholders held on June 15, 2011.
The reverse stock split will take effect, and the Company's
common stock will begin trading on a split-adjusted basis on the
NASDAQ Global Market, as of the open of trading on July 6, 2011.
Beginning on that date, the Company's shares will trade for 20
trading days under the symbol "OCNFD" to indicate that the reverse
stock split has occurred. Thereafter, the Company's symbol will
revert to its original symbol "OCNF."
When the reverse stock split becomes effective, every 20 shares
of the Company's issued and outstanding common stock will be
automatically combined into one issued and outstanding share of
common stock. This will reduce the number of outstanding shares of
the Company's common stock from 118,923,797 to approximately
5,946,182.
No fractional shares will be issued in connection with the
reverse split. Shareholders who would otherwise hold a fractional
share of the Company's common stock will receive a cash payment in
lieu of such fractional share. Shareholders will receive
instructions from the Company's exchange agent, American Stock
Transfer & Trust Company, LLC, as to how to exchange existing
share certificates for new certificates representing the
post-reverse split shares.
Additional information about the reverse stock split can be
found in the Company's proxy statement furnished to the Securities
and Exchange Commission on May 17, 2011, a copy of which is
available at www.sec.gov.
About the Company OceanFreight Inc. is an
owner and operator of drybulk vessels that operate worldwide.
OceanFreight owns a fleet of eleven vessels, comprised of six
drybulk vessels (four Capesize and two Panamaxes) and five
newbuilding Very Large Ore Carriers (VLOC) with a combined
deadweight tonnage of about 1.9 million tons.
The Company's common stock is listed on the NASDAQ Global Market
where it trades under the symbol "OCNF."
Visit our website at www.oceanfreightinc.com.
Forward-Looking Statements Matters
discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views
with respect to future events and financial performance and may
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 forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management's examination
of historical operating trends, data contained in our records and
other data available from third parties. Although OceanFreight Inc.
believes 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, OceanFreight Inc. cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections.
Important factors that, in our view, could cause actual results
to differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including changes in charterhire rates
and vessel values, changes in demand that may affect attitudes of
time charterers to scheduled and unscheduled drydocking, changes in
OceanFreight Inc.'s operating expenses, including bunker prices,
drydocking and insurance costs, or actions taken by regulatory
authorities, potential liability from pending or future litigation,
domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events
or acts by terrorists.
Risks and uncertainties are further described in reports filed
by OceanFreight Inc. with the US Securities and Exchange
Commission.
Investor Relations/Media: Nicolas Bornozis Capital Link, Inc.
(New York) Tel: +1-212-661-7566 E-mail:
oceanfreight@capitallink.com
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