Castor Maritime Inc. CTRM Stock Now Is The Time To Start Buying ( $3.50 Price Target )

2 years ago
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Nasdaq Listing Standards Compliance Update

On June 14, 2021, Nasdaq notified us that as a result of the closing bid price of the Company's common stock having been at $1.00 per share or greater for at least ten consecutive business days, from May 28, 2021 to June 11, 2021, the Company has regained compliance with Nasdaq's minimum bid price requirement for continued listing on the Nasdaq Capital Market, and the matter is now closed.

ATM common stock offering program

On June 14, 2021, we entered into an equity distribution agreement with Maxim Group LLC acting as a sales agent, under which we may, from time to time, offer and sell shares of our common stock through the ATM program having an aggregate offering price of up to $300.0 million (the "ATM Program"). As of June 30, 2021, we had raised net proceeds of $9.7 million by issuing and selling 3,563,407 common shares under the ATM Program. Between June 30, 2021 and August 4, 2021, no sales of common shares have taken place. We intend to use the net proceeds from the sale of our common stock under the ATM Program, for capital expenditures, working capital, funding for vessel and other asset or share acquisitions or for other general corporate purposes or a combination thereof.

Financing Transactions Update

On July 23, 2021, we, through four of our ship-owning subsidiaries, entered into a $40.75 million senior secured term loan facility with a European bank which is secured by the M/V Magic Thunder, M/V Magic Nebula, M/V Magic Eclipse and the M/V Magic Twilight. The $40.75 million term loan facility has a tenor of five years and bears interest at a margin plus LIBOR. The loan was drawn down in full on July 27, 2021.

Details and delivery information of our completed as well as in progress vessel acquisitions within the second quarter of 2021 and as of the date of this press release are as follows:

Completed acquisitions:
Vessel Name Vessel Type DWT Year Built Country of Purchase Price Delivery
Construction (in million) Date in
2021
Dry Bulk Carriers
Magic Twilight Kamsarmax 80,283 2010 Korea $14.80 9 April
Magic Thunder Kamsarmax 83,375 2011 Japan $16.85 13 April
Magic Vela Panamax 75,003 2011 China $14.50 12 May
Magic Nebula Kamsarmax 80,281 2010 Korea $15.45 20 May
Magic Starlight Kamsarmax 81,048 2015 China $23.50 23 May
Magic Eclipse Panamax 74,940 2011 Japan $18.48 7 June
Tankers
Wonder Vega Aframax 106,062 2005 Korea $14.80 21 May
Wonder Avior Aframax/LR2 106,162 2004 Korea $12.00 27 May
Wonder Mimosa MR1 37,620 2006 Korea $7.25 31 May
Wonder Arcturus Aframax/LR2 106,149 2002 Korea $10.00 31 May
Wonder Musica Aframax/LR2 106,209 2004 Korea $12.00 15 June
Wonder Formosa MR1 37,562 2006 Korea $8.00 22 June
Vessels we have agreed to acquire:

Vessel Type DWT Year Built Country of Purchase Price
Construction (in million)
Dry Bulk Carriers
Kamsarmax 82,158 2013 Japan $21.00
Panamax 74,940 2013 Japan $19.06
Panamax 76,822 2014 Korea $21.00
Update on common shares issued and outstanding

As of August 4, 2021, we had issued and outstanding 93,519,255 common shares.

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