HomeTop MoversCastor Maritime Inc (CTRM) stock faced negativity on Friday but WHY?

Castor Maritime Inc (CTRM) stock faced negativity on Friday but WHY?

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.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

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%.


3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.

We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.

Click here for full details and to join for free

Sponsored


Read More

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.

Get the hottest stocks to trade every day before the market opens 100% ‎free. Click here now. 

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.

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

Must Read

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get The Best Stocks To Trade Every Day!

Join now to get the NewsHeater.com pre-market morning brief 100% free

SPECIAL GIFT

WE HAVE A GIFT FOR YOU

Download Free eBook For

7 GROWTH STOCKS FOR 2021

100% free. stop anytime no spam