Shares of Castor Maritime (NASDAQ: CTRM) plunged on Monday after the shipping company announced the pricing of its latest stock offering. As of 2:10 p.m. EDT, its stock price was down 20%.
Castor Maritime will sell roughly 192.3 million shares to institutional investors at a price of $0.65 per share. The offering will raise about $125 million, before transaction-related expenses. The stock sale is expected to close on Wednesday.