In the premarket trading session, the Eagle Bulk Shipping Inc. (EGLE) shares had climbed down to-7.6% at the last check to trade at the price of $47.31. EGLE stock previously closed the session of Wednesday gaining 1.31% at the share price of $51.20. The EGLE stock volume traded 0.2 million shares, according to the average daily volume of 0.2 million shares within the past 50 days it was lower. In the past year up to date, EGLE stock had surged by 215.27% and in the past week had moved down by -3.76%. In the past three and six months, the stock had jumped 41.48% and had added 177.21% respectively. Further, Eagle Bulk Shipping Inc. is currently valued in the market at a total value of $658.43 million and has 11.73 million outstanding shares as of now.
What you need to know about Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. is a marine shipping company that specifically on transportation through oceans around the world for dry bulk cargoes. The company focuses on the production of chartering courses for transportation, operates the dry bulk vessels that transport a variety of bulk cargoes. EGLE stock owns its own fleet of vessels which totaled 45 vessels as of 31st December 2020. The company uses its fleet o transport bulk cargoes including iron ore, pet coke and coals, steel and cement, fertilizers, and forestry products. The clientele of the company includes a base of traders, end-user shipments, miners, etc. The company was founded in 2005 and is based in Stamford, Connecticut.
Eagle Bulk announced a secondary public offering for a fund of collective shareholders at Golden Tree Asset Management LP
The company had recently announced that EGLE stock is offering a secondary public offering which includes 1,695,182 shares of the common EGLE stock. The price of this secondary public offering is at $46.50 per share and is being collectively sold by shareholders of a certain fund and separate accounts managed by Golden Tree Asset Management LP. An additional 195,182 shares were placed to upsize the deal from 1,500,000 shares of common stock and additional 254,277 shares can be purchased by the underwriter. The time limit given for this additional offer option has been extended to the 30-days option. These additional shares will also be given by the collective Selling Shareholders. The offering is made pursuant to the company’s prospectus and related prospectus supplements. Furthermore, the date expected for the closing is on 2nd July 2021, according to satisfactory closing conditions.
Morgan Stanley has been chosen as the sole book-runner for this offering however the proceeds of this transaction and public offering will not be taken by the company and will instead be received by the collective shareholders of the Golden Tree Asset Management LP. The intention of this offering as stated by the Eagle Bulk Shipping management is being made with the intent to comply with prospectus supplement and accompany the prospectus for the secondary public offering shareholders.
