Nordic American Tankers Ltd (NAT) – Board Members of NAT buy stock in NAT

Rhea-AI Summary

On September 24, 2021, Nordic American Tankers Ltd (NAT) announced significant share purchases by its Board Members, indicating confidence in the company's performance. CEO Herbjorn Hansson acquired 75,000 shares on September 17, while Board Member Alexander Hansson bought 150,000 shares between August 31 and September 20. Jim Kelly increased his holdings to 175,000 shares, and Doug Penick, a recently appointed Board Member, accumulated 125,000 shares. These transactions highlight the board's commitment to the company's future and suggest optimism in NAT's market position.

Positive

• Board members collectively increased their shareholdings, signaling strong confidence in NAT's prospects.
• Recent acquisitions by key executives could bolster investor sentiment and market perception.

Negative

• None.

Friday, September 24, 2021

 

Dear Shareholders and Investors, 

All Board Members of NAT have recently increased their shareholdings in the company.

The Founder, Chairman & CEO, Herbjorn Hansson, Norway, bought 75,000 shares in NAT September 17.

Board Member Alexander Hansson, Monaco, bought 100,000 shares in NAT August 31, and 50,000 shares September 20.

Board Member Jim Kelly, New York, has also adjusted his holding upwards to 175,000 shares in NAT.

Doug Penick of Dallas, Texas, joined the Board at the NAT AGM July 19, 2021. He has already accumulated 125,000 shares in NAT. 

It is a strong sign of confidence that board members buy stock in our company.

The Hansson family is the third largest shareholder group in NAT. 

 

Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.                                                           www.nat.bm  

  

 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.

NAT is a Bermuda based company.

 

Contacts:       

Gary J. Wolfe
Seward & Kissel LLP
New York, USA
Tel: +1 212 574 1223

Bjørn Giæver, CFO                                                             
Nordic American Tankers Ltd                                             
Tel: +1 888 755 8391 or +47 91 35 00 91                                 

Herbjørn Hansson, Founder, Chairman & CEO
Nordic American Tankers Ltd
Tel: +1 866 805 9504 or +47 90 14 62 91    

FAQ

What recent stock purchases were made by NAT's board members?

On September 17, 2021, CEO Herbjorn Hansson purchased 75,000 shares. Additionally, Board Member Alexander Hansson acquired 150,000 shares between August 31 and September 20.

How much stock did Jim Kelly buy in NAT?

Jim Kelly increased his holdings to a total of 175,000 shares in NAT.

What does the increase in board members' shareholdings indicate for NAT?

The increase in board members' shareholdings suggests strong confidence in the company's future and performance.

Who is Doug Penick and how many shares does he own in NAT?

Doug Penick, who joined the Board on July 19, 2021, has accumulated 125,000 shares in NAT.