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Euroseas announces completion of merger with Cove Apparel
28 Mar '06
2 min read
Euroseas Ltd, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for dry bulk and containerized cargoes, announced that it completed its merger with Cove Apparel Inc.
In accordance with the terms of the merger, Cove merged into Euroseas Acquisition Company Inc, a Delaware wholly owned subsidiary of Euroseas, which, in turn, changed its name to Cove Apparel Inc.
Cove stockholders will receive 0.102969 shares of Euroseas' common stock. They will also receive a dividend of $0.01339 for each share of Cove common stock owned based upon dividends previously declared by Euroseas.
Following the merger, and following the conversion of all common shares of Cove into common shares of Euroseas, Euroseas has a total of 37,860,326 common shares outstanding. There are also 1,756,743 warrants outstanding entitled to acquire shares of common stock of Euroseas at an exercise price of $ 3.60 per share for a 5-year period (expiring on August 25, 2010).
As a result of the merger, Cove's stock has been de-listed and no longer trades on the OTC Bulletin Board. Euroseas has applied to list its shares of common stock on the OTC Bulletin Board and expects to commence trading shortly under the ticker symbol ESEAF. Euroseas has also applied, as soon as it qualifies, to transfer its listing to the NASDAQ National Market.
Cove Apparel is a surf apparel company specializing in casual apparel and accessories for men, women and juniors.
Euroseas Ltd. was formed on May 5th 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 125 years. Currently, Euroseas Ltd owns and operates 8 vessels, including 4 Handysize dry bulk carriers, 3 Handysize containerships, and 1 Panamax drybulk carrier.
In accordance with the terms of the merger, Cove merged into Euroseas Acquisition Company Inc, a Delaware wholly owned subsidiary of Euroseas, which, in turn, changed its name to Cove Apparel Inc.
Cove stockholders will receive 0.102969 shares of Euroseas' common stock. They will also receive a dividend of $0.01339 for each share of Cove common stock owned based upon dividends previously declared by Euroseas.
Following the merger, and following the conversion of all common shares of Cove into common shares of Euroseas, Euroseas has a total of 37,860,326 common shares outstanding. There are also 1,756,743 warrants outstanding entitled to acquire shares of common stock of Euroseas at an exercise price of $ 3.60 per share for a 5-year period (expiring on August 25, 2010).
As a result of the merger, Cove's stock has been de-listed and no longer trades on the OTC Bulletin Board. Euroseas has applied to list its shares of common stock on the OTC Bulletin Board and expects to commence trading shortly under the ticker symbol ESEAF. Euroseas has also applied, as soon as it qualifies, to transfer its listing to the NASDAQ National Market.
Cove Apparel is a surf apparel company specializing in casual apparel and accessories for men, women and juniors.
Euroseas Ltd. was formed on May 5th 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 125 years. Currently, Euroseas Ltd owns and operates 8 vessels, including 4 Handysize dry bulk carriers, 3 Handysize containerships, and 1 Panamax drybulk carrier.
Euroseas Ltd
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