Globus Maritime Limited Announces Pricing of Upsized $12.0 Million Underwritten Public Offering

Rhea-AI Summary

Globus Maritime Limited (NASDAQ: GLBS) has announced the pricing of a public offering of 34,285,714 units at $0.35 per unit, with expected gross proceeds of approximately $12.0 million. Each unit comprises one common share and one Class A warrant, set to close on June 22, 2020. The underwriter, Maxim Group LLC, has a 45-day option to purchase additional securities. The offering is registered with the SEC and follows their effective registration statement from June 17, 2020.

Positive

• Expected gross proceeds of approximately $12.0 million.
• Each Class A warrant is immediately exercisable at $0.35, potentially increasing shareholder value.

Negative

• Dilution risk due to the issuance of 34,285,714 units.

GLYFADA, Greece, June 18, 2020 (GLOBE NEWSWIRE) -- Globus Maritime Limited (the “Company”) (NASDAQ: GLBS) announced today the pricing of an underwritten public offering of 34,285,714 units at a price of $0.35 per unit. Each unit consists of one common share (or pre-funded warrant in lieu thereof) and one Class A warrant to purchase one common share, and will immediately separate upon issuance. The gross proceeds of the offering to the Company, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $12.0 million.

Each Class A warrant is immediately exercisable for one common share at an exercise price of $0.35 per share and will expire five years from issuance. The offering is expected to close on or about June 22, 2020, subject to customary closing conditions.

Maxim Group LLC is acting as sole book-running manager in connection with the offering.

The Company has granted the underwriter a 45-day option to purchase up to an additional 5,142,857 shares of common stock or pre-funded warrants and/or 5,142,857 Class A warrants, at the public offering price less discounts and commissions.

The offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-238119) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC") on June 17, 2020 (the “Registration Statement”). A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov. Electronic copies of the prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About Globus Maritime Limited

Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns, operates and manages a fleet of five dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus’ subsidiaries own and operate seven vessels with a total carrying capacity of 300,571 Dwt and a weighted average age of 12.1 years as of March 31, 2020.

Safe Harbor Statement

This communication contains “forward-looking statements” as defined under U.S. federal securities laws. Forward-looking statements provide the Company’s current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “will” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Company’s actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in the Company’s filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Globus describes in the reports it will file from time to time with the Securities and Exchange Commission after the date of this communication.

For further information please contact:

Globus Maritime Limited +30 210 960 8300
Athanasios Feidakis, CEO a.g.feidakis@globusmaritime.gr 
Capital Link – New York +1 212 661 7566
Nicolas Bornozis  globus@capitallink.com 

FAQ

What is the pricing of the public offering by GLBS?

The public offering is priced at $0.35 per unit.

How many units are being offered by Globus Maritime Limited?

A total of 34,285,714 units are being offered.

When is the expected closing date of the offering?

The offering is expected to close on June 22, 2020.

What are the expected gross proceeds from the offering?

The expected gross proceeds are approximately $12.0 million.

Who is the underwriter for GLBS's public offering?

Maxim Group LLC is acting as the sole book-running manager.