Castor Maritime Inc. Announces Reverse Stock Split to be Effective March 27, 2024

LIMASSOL, Cyprus, March 22, 2024 (GLOBE NEWSWIRE) -- Castor Maritime Inc. (NASDAQ: CTRM), (“Castor”, or the “Company”), a diversified global shipping company, announces that its board of directors (the “Board”) has determined to effect a 1-for-10 reverse stock split of the Company’s common shares. The Company’s shareholders approved the reverse stock split by a ratio of not less than 1-for-two and not more than 1-for-100 and granted the Board the authority to determine the exact split ratio and when to proceed with the reverse stock split at the Company’s Annual Meeting of Shareholders held on September 1, 2023.

The reverse stock split will take effect, and the Company’s common shares will begin trading on a split-adjusted basis under their existing symbol “CTRM” on the Nasdaq Capital Market (“Nasdaq”) as of the opening of trading on March 27, 2024. The CUSIP number of Y1146L 208 will be assigned to the Company’s common shares when the reverse stock split becomes effective.

When the reverse stock split becomes effective, every 10 of the Company’s issued and outstanding common shares will be combined into one issued and outstanding common share, without any change to the par value of $0.001 per share or any shareholder’s ownership percentage of the Company’s common shares, subject to the effects of any rounding. This will reduce the number of outstanding common shares from approximately 96.6 million shares to approximately 9.66 million shares. Immediately following the effective time of the reverse stock split, the Company’s common shares will have the same voting rights and will be identical in all other respects to the common shares prior to effectiveness of the reverse stock split.

No fractional shares will be issued in connection with the reverse stock split. Shareholders who would otherwise receive a fraction of a common share of the Company will receive a cash payment in lieu thereof.

The reverse stock split is undertaken with the objective of meeting the minimum $1.00 per share bid price requirement for maintaining the listing of the Company’s common shares on Nasdaq.

Additional information about the reverse stock split can be found in Exhibit 99.2 to the Company’s current report on Form 6-K furnished to the Securities and Exchange Commission on July 31, 2023, a copy of which is available at www.sec.gov.

About Castor Maritime Inc.

Castor Maritime Inc. is an international provider of shipping transportation services through its ownership of oceangoing cargo vessels.