Home Top Movers Castor 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%.

5 Stocks Under $10 That Are Poised to Take Off

Investing in stocks under $10 could significantly increase the returns on your portfolio, especially if you pick the right stocks! Within this report you will find 5 top stocks that offer investors huge upside potential and the best bang for their buck.

Add them to your watchlist before they take off!

Get the Top 5 Stocks Now!

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

The9 Ltd. (NCTY) stock declined during pre-market trading. Here’s the update

The9 Ltd. (NASDAQ: NCTY) stock plunged by 12% at the last close while the NCTY stock price fell by 7.03% during pre-market trading. The9...

The Dixie Group Inc. (DXYN) stock surged during pre-market trading given no recent news

The Dixie Group Inc. (NASDAQ: DXYN) stock gained by 11.55% in the pre-market trading session. However, there is no update available regarding this hike...

Why BancorpSouth Bank (BXS) stock plummeted on Friday?

BancorpSouth Bank (BXS) shares plummeted 9.39% in after-hours on Friday, June 18, 2021, and close the weekly business at $25.00 per share. Earlier, BXS's...

CureVac Inc. (CVAC) stock soar during pre-market trading. Here’s what you should know?

CureVac Inc. (NASDAQ: CVAC) stock declined by 38.99% at the last close while the CVAC stock price gains by 11.34% in the pre-market trading...

Why Iconix Brand Group Inc (ICON) stock turnaround in the after-hours on Thursday?

Iconix Brand Group Inc (ICON) shares started the Thursday, June 17, 2021, trading be losing 1.87% and close the normal trading session at $3.14...

The9 Ltd. (NCTY) stock declined during pre-market trading. Here’s the update

The9 Ltd. (NASDAQ: NCTY) stock plunged by 12% at the last close while the NCTY stock price fell by 7.03% during pre-market trading. The9...

The Dixie Group Inc. (DXYN) stock surged during pre-market trading given no recent news

The Dixie Group Inc. (NASDAQ: DXYN) stock gained by 11.55% in the pre-market trading session. However, there is no update available regarding this hike...

Why Eyenovia Inc. (EYEN) stock price went up in the after-market on Friday?

Eyenovia Inc. (EYEN) shares pop up 8.41% in after-hours on Friday, June 18, 2021, and close the week at $5.80 per share. Earlier, EYEN's...

Related News

Why Eyenovia Inc. (EYEN) stock price went up in the after-market on Friday?

Eyenovia Inc. (EYEN) shares pop up 8.41% in after-hours on Friday, June 18, 2021, and close the week at $5.80 per share. Earlier, EYEN's...

CorMedix Inc. (CRMD) stock surged during after-hour session. What has been happening lately?

CorMedix Inc. (NASDAQ: CRMD) stock fell by 1.91% at last close while the CRMD stock price gains by 6.49% in the after-hours session. There...

Edesa Biotech Inc. (EDSA) stock surged during current market trading. Here’s to know why?

Edesa Biotech Inc. (NASDAQ: EDSA) stock gained by 4.22% in the current market trading. Edesa Biotech is a clinical-stage biopharmaceutical business dedicated on the...

VivoPower International Inc. (VVPR) stock soars during pre-market trading. What’s driving it high?

VivoPower International Inc. (NASDAQ: VVPR) stock gained by 1.13% at last close while the VVPR stock price surged during pre-market trading by 1.54%. VivoPower...

Cleveland BioLabs Inc. (CBLI) stock surged during after-hour session. Here’s what’s happening?

Cleveland BioLabs Inc. (NASDAQ: CBLI) stock declined by 3.58% at the last close while the CBLI stock price gains by 17.53% during the after-hour...

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

Get The Best Stocks To Trade Every Day!

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

We do not sell or share your information with anyone.

Get Notified Of Insider Trades, Analyst Upgrades & Downgrades, Earnings Updates & Best Stocks To Trade Every Single Morning

100% free. stop anytime no spam