Castor Maritime Inc. (“Castor” or the “Company”), a diversified global shipping company, announces that it has commenced a tender offer (the “Offer”) to purchase all of its 10,330,770 outstanding Common Share Purchase Warrants issued on April 7, 2021 (the “Warrants”) at a price of $0.105 per Warrant, net to the seller in cash, without interest. Payments made pursuant to the Offer will be rounded down to the nearest whole cent. The Warrants are exercisable in the aggregate into 103,307 of our common shares, par value $0.001 per share (the “Common Shares”), at an exercise price per Warrant of $55.30. The purpose of the proposed Offer is to reduce the number of Common Shares that would become outstanding upon the exercise of the Warrants, thereby providing investors and potential investors with greater clarity as to the Company’s capital structure. The Offer is not conditioned upon the receipt of financing or any minimum number of Warrants being tendered, but is subject to certain other conditions. The Company will pay for Warrants tendered in the Offer with available cash and cash equivalents and has engaged Maxim Group LLC to act as dealer manager for the Offer.
The Offer will expire at 5:00 P.M. Eastern Time on May 20, 2024, unless extended at any time or from time to time by us. Tenders of Warrants must be made prior to the expiration of the Offer in accordance with the procedures described in the Offer to Purchase and related Letter of Transmittal, each relating to the Offer, that the Company has filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 22, 2024. Specific instructions and an explanation of the terms and conditions of the Offer are contained in the Offer to Purchase and related Letter of Transmittal that have been mailed to warrantholders.
