Home Top Movers What pushed Castor Maritime’s (CTRM) stock up in pre-market trading?

What pushed Castor Maritime’s (CTRM) stock up in pre-market trading?

‎Castor Maritime (NASDAQ: CTRM) is a multinational marine services provider owned by dry bulk carriers.  Its shares rose 26.45% to $0.37 in the after-market session.

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What they do… 

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The company ships are mostly used for medium-term charters and hold various dry bulk cargoes, including goods such as coal, grain, and other commodities on worldwide shipping routes.

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What happened lately….

A stock purchasing arrangement has been reached with some non-affiliated institutional investors to sell potentially 137.0 million common shares and warrants to purchase up to 137.0 million common shares at a purchase price of $0.19 per common share and an accompanying warrant in a registered direct offering. The warrants are priced at $0.19 an option, can be exercised automatically, and expire five years from the issuance date.

Maxim Group LLC serves as the sole offering placement agent.

The Company’s total profits from the bid are expected to be about $26.0 million before the investment agent’s commissions and other estimated offering costs had been deducted. The bid is scheduled to close on or before 12 January 2021, subject to customary closing conditions.

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Broader vision 

In the shipping industry, there are companies worldwide that transport grains, electronics, apparel, and appliances. Contrary to the name “shipping,” these companies often transport commodities by air, sea, or land by truck and train. They also offer storage and logistic services. COVID-19 has negatively affected the shipping industry and has caused it to perform significantly below the broader market. Last year for the Russell 1000 index, total returns were 12.6%, while Dow Jones Global Shipping returned -5.8%.

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