Diana Containerships Inc. Announces One-for-Seven Reverse Stock Split
August 23 2017 - 8:12AM
Diana Containerships Inc. (NASDAQ:DCIX), (the “Company”), a global
shipping company specializing in the ownership of containerships,
today announced that its Board of Directors (the “Board”) has
determined to effect a reverse stock split of the Company’s common
shares, par value $0.01 per share, at a ratio of one-for-seven. The
Company’s shareholders approved the reverse stock split and granted
the Board the authority to determine the exact split ratio and
proceed with the reverse stock split at the Company’s Annual
Meeting of Shareholders held on June 29, 2017.
The reverse stock split will take effect, and
the Company’s common stock will begin trading on a split-adjusted
basis on The Nasdaq Global Select Market, as of the opening of
trading on or around August 24, 2017 under the existing trading
symbol “DCIX.” The new CUSIP number for the Company’s common stock
following the reverse stock split is Y2069P408.
Upon effectiveness of the reverse stock split,
every seven shares of the Company’s issued and outstanding common
stock will be automatically combined into one issued and
outstanding share of common stock, without any change to the par
value per share. This will reduce the number of outstanding common
shares of the Company from approximately 5.3 million shares to
approximately 0.8 million shares.
No fractional shares will be issued in
connection with the reverse stock split. Shareholders who would
otherwise hold a fractional share of the Company’s common stock
will receive a cash payment in lieu thereof at a price equal to
that fraction to which the shareholder would otherwise be entitled
multiplied by the closing price of the Company’s common stock on
The Nasdaq Global Select Market on the last trading day prior to
the effective date of the reverse stock split.
Shareholders with shares held in book-entry form
or through a bank, broker, or other nominee are not required to
take any action and will see the impact of the reverse stock split
reflected in their accounts on or after the effective date. Such
beneficial holders may contact their bank, broker, or nominee for
more information.
Shareholders with shares held in certificate
form will receive instructions from the Company’s exchange agent,
Computershare, for exchanging their stock certificates for a new
certificate representing the shares of common stock resulting from
the reverse stock split.
Additional information about the reverse stock
split can be found in the Company’s proxy statement mailed to
shareholders on or around June 5, 2017, a copy of which was
furnished to the Securities and Exchange Commission on June 6, 2017
on the Company’s Report of Foreign Private Issuer on Form 6-K and
is available on the Securities and Exchange Commission’s website at
www.sec.gov.
About the Company
Diana Containerships Inc. is a global provider
of shipping transportation services through its ownership of
containerships. The Company's vessels are employed primarily on
time charters with leading liner companies carrying containerized
cargo along worldwide shipping routes.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words "believe,"
"anticipate," "intends," "estimate," "forecast," "project," "plan,"
"potential," "may," "should," "expect," "pending" and similar
expressions identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including without
limitation, our management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include the strength of world economies and currencies,
general market conditions, including fluctuations in charter rates
and vessel values, changes in demand for containership capacity,
changes in our operating expenses, including bunker prices,
drydocking and insurance costs, the market for our vessels,
availability of financing and refinancing, changes in governmental
rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general
domestic and international political conditions, potential
disruption of shipping routes due to accidents or political events,
vessel breakdowns and instances of off-hires and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Operating Officer and Secretary
Telephone: +30-216-600-2400
Email: izafirakis@dcontainerships.com
Website: www.dcontainerships.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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