Historical Facts FreeSeas is an independ
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Posted On: 01/01/2013 6:48:46 PM
Historical Facts
FreeSeas is an independent commercial shipping company which was formed in April 2004 under the name Adventure Holdings S.A. pursuant to the laws of the Republic of the Marshall Islands. On April 27, 2005, the Company formalized its name to FreeSeas, Inc. FreeSeas maintains its principal office in Piraeus, Greece.
The Company went public via a merger with a blank check corporation in December of 2005. Under the terms of the merger, FreeSeas Inc. was the surviving corporation and thus began trading on the NASDAQ exchange under the symbol FREE.
January 2007 marked a turning point in FreeSeas’ history as the company underwent a series of transformative events that led to the strong growing company that exists today. Within fifteen months, FreeSeas increased its fleet from three vessels with an average age of 23.3 years to owning seven vessels of an average age of 13.7 while increasing its deadweight capacity from 91,408 dwt to 193,926 dwt.
In October of 2007, FreeSeas announced the closing of the sale of 11,000,000 shares of common stock in a public offering at $8.25 per share in order to strengthen its balance sheet and provide the flexibility to build its fleet. Total net proceeds were approximately $84.4 million.
On November 8th 2007, FreeSeas’ growth and adherence to its corporate values was rewarded with a NASDAQ Global Market listing, NASDAQ’s premier exchange.
With a solid financial foundation and a bright future, the company continues to grow. By expanding its fleet, leveraging its relationships, and managing its respected reputation in the industry, FreeSeas will continue to provide maximum value to its shareholders and solidify its position as an industry leader.
FreeSeas is an independent commercial shipping company which was formed in April 2004 under the name Adventure Holdings S.A. pursuant to the laws of the Republic of the Marshall Islands. On April 27, 2005, the Company formalized its name to FreeSeas, Inc. FreeSeas maintains its principal office in Piraeus, Greece.
The Company went public via a merger with a blank check corporation in December of 2005. Under the terms of the merger, FreeSeas Inc. was the surviving corporation and thus began trading on the NASDAQ exchange under the symbol FREE.
January 2007 marked a turning point in FreeSeas’ history as the company underwent a series of transformative events that led to the strong growing company that exists today. Within fifteen months, FreeSeas increased its fleet from three vessels with an average age of 23.3 years to owning seven vessels of an average age of 13.7 while increasing its deadweight capacity from 91,408 dwt to 193,926 dwt.
In October of 2007, FreeSeas announced the closing of the sale of 11,000,000 shares of common stock in a public offering at $8.25 per share in order to strengthen its balance sheet and provide the flexibility to build its fleet. Total net proceeds were approximately $84.4 million.
On November 8th 2007, FreeSeas’ growth and adherence to its corporate values was rewarded with a NASDAQ Global Market listing, NASDAQ’s premier exchange.
With a solid financial foundation and a bright future, the company continues to grow. By expanding its fleet, leveraging its relationships, and managing its respected reputation in the industry, FreeSeas will continue to provide maximum value to its shareholders and solidify its position as an industry leader.
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