NEW YORK (AP) -- Ship owner Baltic Trading Ltd. said Wednesday that it priced its public offering of 5.6 million shares of its common stock at $3.60 per share.
The price represents an 11 percent discount to Baltic's Tuesday closing stock price of $4.05. The news sent Baltic's shares down 44 cents, or 11 percent, to $3.61 per share in morning trading.
Gross proceeds from the offering are expected to total about $20 million. Baltic said it plans to use the net proceeds from the offering for future vessel acquisitions or for working capital and general corporate purposes.
In addition, Baltic said it granted the offering's underwriter, Jefferies LLC, a 30-day option to buy up to 837,289 more shares.
The offering is expected to close on Tuesday.