Deal conducted by sole bookrunner Maxim to finance corporate purposes
By Devika Patel
Knoxville, Tenn., April 10 - Box Ships Inc. said it priced a $10.25 million public offering of units with a $1.34 million greenshoe. The deal was announced Wednesday.
The company will sell 5 million units of one common share and 0.4 warrants at $2.05 per unit. The whole warrants are exercisable at $2.65, which is an 11.35% premium to the April 9 closing share price of $2.38. The warrants expire on April 10, 2019.
Maxim Group LLC is the sole bookrunner.
Settlement is expected April 15.
Neige International Inc. has agreed to purchase 500,000 units in a concurrent $1.03 million private placement.
Proceeds will be used for general corporate purposes, including debt repayment and the acquisition of vessels.
Athens-based Box Ships is an international shipping company specializing in the transportation of containers.
| Issuer: | Box Ships Inc.
|
| Issue: | Units of one common share and 0.4 warrants
|
| Amount: | $10.25 million
|
| Greenshoe: | $1,335,263
|
| Units: | 5 million
|
| Price: | $2.05
|
| Warrants: | 0.4 warrants per unit
|
| Warrant expiration: | April 10, 2019
|
| Warrant strike price: | $2.65
|
| Bookrunner: | Maxim Group LLC
|
| Co-manager: | National Securities Corp.
|
| Announcement date: | April 9
|
| Pricing date: | April 10
|
| Settlement date: | April 15
|
| Stock symbol: | NYSE: TEU
|
| Stock price: | $2.38 at close April 9
|
| Market capitalization: | $47.55 million
|
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