Shares of theNew York-listed containership operator gained traction in late trading Thursdayand jumped 3.16% to $22.55 in the hour leading up to the close.
One equityanalyst who tracks the company tells TradeWinds they weren’t surprised that thenews didn’t disrupt the stock since investors tend to be less concerned aboutdilution when follow-on equity issuances involve preferred shares.
Earlier in the day Seaspan, which is based in Hong Kong,announced plans to sell Series E CumulativeRedeemable Perpetual Preferred Stock in a public offering aimed at raising cashfor what the company described as “general corporate purposes”.
While the operator failed toelaborate further in a prospectus filed with the US Securities & ExchangeCommission it said proceeds may be used for the funding of vessel acquisitions, capitalexpenditures, the...
