Euroseas – Shelf and Possible Exit

Last week, Eroseas Ltd. filed a shelf registration to sell up to $400 million of securities including common shares, preferred shares, debt securities, warrants, purchase contracts and units. In addition, the registration statement provides for the sale of up to 11,249,677 shares in a secondary offering by Friends Investment Company Inc., a company controlled by the Pittas family, which owns 10,833,009 shares and Eurobulk Marine Holdings Inc., also controlled by the Pittas family and the owner of 416,668 shares. Together these shares represent 36.19% of the shares outstanding.

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