Castor Maritime Inc (CTRM) stock lost 16.29% in the after-market on Friday, May 21, 2021, and closed the week at $0.36 per share. Earlier CTRM shares went down 0.45% in the normal trading on Friday and closed the session at $0.42 per share.
CTRM shares have plunged 35.26% over the last 12 months, and they have moved up 7.63% in the past week. Over the past three months, the stock has lost 65.47%, while over the past six months, it has surged 188.13%.
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Let’s see whats happening recently with CTRM
The reverse stock split announcement
OnMay 21, 2021, Castor Maritime Incboard of directors announced a 1-for-10 reverse stock split of the Company’s common shares.
Earlier on November 25, 2020, in the company’s annual meeting, CTRM shareholders approved the reverse stock split by a ratio of not less than 1-for-2 and not more than 1-for-75 and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split.
The reverse stock split will take effect on May 28, 2021, and will reduce the number of outstanding common shares from approximately 899.6 million shares to approximately 90.0 million shares.
$18.0 million debt financing
OnMay 10, 2021, Castor Maritime Inc announced an $18.0 million senior term loan facility with a European bank, secured by two of its tanker vessels. The net proceeds from the $18.0 million financing will be used for general corporate purposes, including supporting the Company’s growth plans.
Vesselsacquisition
- On May 04, 2021, through a separate wholly-owned subsidiary, Castor Maritime Inc entered, into an agreement to acquire a 2013 Japanese-built Kamsarmax dry bulk carrier from an unaffiliated third party for a purchase price of $21.0 million.
- On April 30, 2021, Castor Maritime signed agreements, through five separate wholly-owned subsidiaries, to acquire two 2006 Korean-built MR1 tankers, two 2004 Korean-built Aframax/LR2 tankers, and one 2002 Korean-built Aframax/LR2 tanker.
- On April 28, 2021, Castor Maritime Inc entered into an agreement, through a separate wholly-owned subsidiary, to acquire a 2011 Chinese-built Panamax dry bulk carrier for a purchase price of $14.5 million, from an unaffiliated third party.
- On April 19, 2021, Castor Maritime Inc entered, through a separate wholly-owned subsidiary, into an agreement to acquire a 2015 Chinese-built Kamsarmax dry bulk carrier for a purchase price of $23.5 million, from an unaffiliated third party.
- On April 16, 2021, Castor Maritime Inc entered into an agreement to acquire a 2005 Korean-built Aframax tanker from an unaffiliated third party for a purchase price of $14.8 million.
Castor receivedM/V Magic Twilight and the M/V Magic Thunder
On April 14, 2021, Castor Maritime Inc said that on April 9, 2021, it took delivery of the M/V Magic Twilight, a 2010 Korean-built Kamsarmax dry bulk carrier, and on April 13, 2021, it took delivery of the M/V Magic Thunder, a 2011 Japanese-built Kamsarmax dry bulk carrier. Both acquisitions were financed in their entirety with cash on hand.
Conclusion
The reverse stock split news is the reason behind its plummeting on Friday. in the recent past, the company has acquired many vessels to improve its fleet. We have to wait and see how things unfold for CTRM stock in the near future.
