HomeTop MoversHere is why Grindrod Shipping Holdings Ltd (GRIN) stock plunged on Wednesday?

Here is why Grindrod Shipping Holdings Ltd (GRIN) stock plunged on Wednesday?

Grindrod Shipping Holdings Ltd. (GRIN) shares plunged 4.46% in after-hours on Wednesday, September 22, 2021, and closed the daily trading at $15.00. Even in the regular trading session, GRIN’s stock lost 4.85%. GRIN shares have risen 334.90% over the last 12 months, and they have moved down 17.67% in the past week. Over the past three months, the stock has gained 41.70%, while over the past six months, it has surged128.53%.

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GRIN pricing of ordinary shares

On September 22, 2021, Grindrod Shipping Holdings Ltd. (GRIN) announced the pricing of the previously announced underwritten public secondary offering of 1,841,962 ordinary shares by certain existing shareholders of the Company at $13.50 per share, for an aggregate purchase price of $24,866,487. Grindrod will not receive any proceeds from the offering and the offer is expected to close on September 27, 2021.


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GRIN update about IVS Bulk Financing and IVS Phoenix Acquisition

On September 16th, 2021, Grindrod Shipping Holdings Ltd. (GRIN) closed the acquisition and concurrent financing of the 2019 Japanese-built Ultramax bulk carrier IVS Phoenix. The Company acquired the vessel for $23.5 million, through a financing arrangement with a separate third party in Japan on attractive terms for a net amount of $25.0 million.

On September 15, 2021, the company announced that the remaining 31.14% equity stake in its IVS Bulk joint venture and the concurrent redemption of the IVS Bulk preference shares, the Company closed the $23 million upsizing of one of its existing IVS Bulk credit facilities to replace the working capital used to fund the transaction.

GRIN recent financial results announcement

On August 18, 2021, Grindrod Shipping Holdings Ltd (GRIN) announced its earnings results for the three months ended March 31, 2021, the three months ended June 30, 2021, and the six months ended June 30, 2021.

Q1 2021 financial highlights

  • GRIN earned revenue of $71.8 million in Q1 2021 compared to $82.46 million in Q1 2020.
  • Gross profit was $13.8 million in Q1 2021 compared to $7.06 million in Q2 2020.
  • It reported a net income of $3.3 million in Q1 2021 compared to $1 million in Q1 2020.
  • Adjusted EBITDA was $21.8 million in Q1 2021 compared to $20.5 million in Q1 2020.

Q2 2021 financial highlights

  • GRIN Revenues was $159.4 million in Q2 2021, compared to $84.7 million for the three months ended June 30, 2020.
  • The total cost of sales was $125.1 million for Q2 2021 compared to $82.8 million in Q2 2020.
  • Gross profit was $34.3 million in Q2 2021 compared to $1.8 million in Q2 2020.
  • It earned a profit of $24.2 million in Q2 2021 compared to a loss of $13.3 million in Q2 2020.
  • Adjusted EBITDA was $40.7 million in Q2 2021 compared to $9.23 million in Q2 2020.
  • The company had cash and equivalents of $58.1 million and restricted cash of $9.3 million on June 30, 2021.

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Conclusion

The recent ordinary share pricing was the reason behind its loss on Wednesday. we hope that it will return towards positivity in the coming trading sessions.

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