Eagle Bulk Shipping (EGLE) stock plunged during pre-market trading hours; here’s why
During the pre-market trading session, Eagle Bulk Shipping Inc. (EGLE) the shares had gone down to -7.6% last check to trade at $ 47.31. EGLE stock closed Wednesday’s session by gaining 1.31% to the share price of $ 51.20. EGLE’s share volume traded 0.2 million shares, based on the average daily volume of 0.2 million shares over the past 50 days it was lower. In the last year to date EGLE stock has jumped 215.27% and last week has fallen -3.76%. Over the past three and six months, the stock had jumped 41.48% and added 177.21% respectively. Additionally, Eagle Bulk Shipping Inc. is currently valued in the market at a total value of $ 658.43 million and currently has 11.73 million shares outstanding.
What you need to know about Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. is a shipping company business that specifically on transportation across oceans around the world for dry bulk cargoes. The company focuses on the production of freight charter courses, operates dry bulk vessels that carry a variety of bulk cargoes. Stock EGLE has its own fleet of vessels which totaled 45 vessels at 31st December 2020. The company uses its fleet to transport bulk cargoes, including iron ore, petroleum coke and coal, steel and cement, fertilizers and forest products. The company’s customer base includes a base of traders, end user shipments, miners, etc. The company was founded in 2005 and is headquartered in Stamford, Connecticut.
Eagle Bulk Announces Secondary Public Offering for Collective Shareholder Fund at Golden Tree Asset Management LP
The company had recently ad that the EGLE shares offer a secondary public offer comprising 1,695,182 ordinary shares of EGLE. The price of this secondary public offering is $ 46.50 per share and is collectively sold by the shareholders of a certain fund and segregated accounts managed by Golden Tree Asset Management LP. An additional 195,182 shares were placed to increase the transaction size from 1,500,000 common shares and an additional 254,277 shares can be purchased by the underwriter. The time limit for this complementary offer option has been extended to the 30-day option. These additional shares will also be allocated by the collective Selling Shareholders. The offering is being made in accordance with the Company’s prospectus and related prospectus supplements. In addition, the expected closing date is 2sd July 2021, subject to satisfactory closing conditions.
Morgan Stanley has been selected as the sole bookrunner for this offering, but the proceeds from this transaction and public offering will not be drawn by the company and will instead be received by the collective shareholders of Golden Tree Asset Management LP. The intention of this offer as stated by the management of Eagle Bulk Shipping is made with the intention of complying with the prospectus supplement and accompanying the prospectus for shareholders of the secondary public offering.