- The stock price of Castor Maritime Inc. (NASDAQ: CTRM) fell from a previous close of $0.50 to a day low of $0.4598 during intraday trading. This is why it happened.
The stock price of Castor Maritime Inc. (NASDAQ: CTRM) fell from a previous close of $0.50 to a day low of $0.4598 during intraday trading. Investors appear to be responding negatively to the company announcing a vessel acquisition.
Today Castor Maritime announced that it entered, through a separate wholly-owned subsidiary, into an agreement to buy a 2013 Japanese-built Kamsarmax dry bulk carrier from an unaffiliated third-party for a purchase price of $21 million.
And this acquisition is expected to be consummated by taking delivery of the vessel within the second quarter or beginning of the third quarter of this year and is subject to the satisfaction of certain customary closing conditions.
“We continue to steadily execute our expansion plan with the addition of another Kamsarmax dry bulk vessel, to Castor’s fleet. Upon completion of all our announced acquisitions, our fleet will consist of 24 vessels across the dry bulk and tanker segments.”
— Petros Panagiotidis, Chief Executive Officer of Castor
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