Star Bulk Carriers Corp. announced the Company entered into (i) a Sales Agreement dated July 1, 2021, with Deutsche Bank Securities (“Deutsche Bank”) for the offer and sale of up to $75.0 million of common shares of the Company and (ii) a Sales Agreement dated July 1, 2021, with Jefferies LLC (“Jefferies” and together with Deutsche Bank, the “Sales Agents”) for the offer and sale of up to $75.0 million of common shares of the Company.
In accordance with the terms of each of the sales agreements described above, the Company may offer and sell its common shares at any time and from time to time through the Sales Agents, as agent or principal. Sales of the Company’s common shares, if any, may be made by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act of 1933, as amended. The Sales Agents are not required to sell any specific number or dollar amount of securities, but will act as the Company’s sales agents using commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Company and the Sales Agents. The Company will submit orders to not more than one of Deutsche Bank or Jefferies relating to the sale of its common shares on any given day.
Image: Star Bulk
The Company intends to use the net proceeds from the sale of the securities in these offerings for capital expenditures, working capital, debt repayment, funding for vessel and other asset or share acquisitions or for other general corporate purposes, or a combination thereof. The Company has no intention to start sales under either of the two offerings immediately.
Soruce: Star Bulk Carriers Corp.