Before the open, the Nasdaq-listed bulker and containership operator announced plans to sell Series B perpetual preferred shares to a fund backed by Tennenbaum Capital Partners.
In a statement management said proceeds, which amounted to roughly $29m, would aid ongoing efforts to renew and expand its fleet by way of vessel acquisitions and newbuilding orders.
A few hours later Michael Webber of Wells Fargo Securities told clients that he believes the stage is set for the pursuit of what he described as “incremental near-term growth opportunities”.
“We note that Euroseas suspended its dividend in third-quarter as the company looks to pursue fleet growth opportunities, and we view the most recent issuance as an incremental step in that direction amid ongoing weakness in both...
