OCEANFREIGHT INC. ANNOUNCES REVERSE STOCK SPLIT TO BE EFFECTIVE JULY 6, 2011
News Release
OceanFreight, Inc.
July 6, 2011
July 5, 2011 - Athens, Greece - OceanFreight Inc. (NASDAQ: OCNF) (the “Company”) announced
today that its Board of Directors has determined to effect a 1-for-20 reverse stock split of the Company’s
Class A common stock. 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 2011
annual general meeting of shareholders held on June 15, 2011.
The reverse stock split will take effect, and the Company’s common stock will begin trading on a splitadjusted
basis on the NASDAQ Global Market, as of the open of trading on July 6, 2011. Beginning on
that date, the Company’s shares will trade for 20 trading days under the symbol “OCNFD” to indicate that
the reverse stock split has occurred. Thereafter, the Company’s symbol will revert to its original symbol
“OCNF.”
When the reverse stock split becomes effective, every 20 shares of the Company’s issued and
outstanding common stock will be automatically combined into one issued and outstanding share of
common stock. This will reduce the number of outstanding shares of the Company’s common stock
from 118,923,797 to approximately 5,946,182.
No fractional shares will be issued in connection with the reverse split. Shareholders who would
otherwise hold a fractional share of the Company’s common stock will receive a cash payment in lieu
of such fractional share. Shareholders will receive instructions from the Company’s exchange agent,
American Stock Transfer & Trust Company, LLC, as to how to exchange existing share certificates for
new certificates representing the post-reverse split shares.
Additional information about the reverse stock split can be found in the Company’s proxy statement
furnished to the Securities and Exchange Commission on May 17, 2011, a copy of which is available
at www.sec.gov.
today that its Board of Directors has determined to effect a 1-for-20 reverse stock split of the Company’s
Class A common stock. 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 2011
annual general meeting of shareholders held on June 15, 2011.
The reverse stock split will take effect, and the Company’s common stock will begin trading on a splitadjusted
basis on the NASDAQ Global Market, as of the open of trading on July 6, 2011. Beginning on
that date, the Company’s shares will trade for 20 trading days under the symbol “OCNFD” to indicate that
the reverse stock split has occurred. Thereafter, the Company’s symbol will revert to its original symbol
“OCNF.”
When the reverse stock split becomes effective, every 20 shares of the Company’s issued and
outstanding common stock will be automatically combined into one issued and outstanding share of
common stock. This will reduce the number of outstanding shares of the Company’s common stock
from 118,923,797 to approximately 5,946,182.
No fractional shares will be issued in connection with the reverse split. Shareholders who would
otherwise hold a fractional share of the Company’s common stock will receive a cash payment in lieu
of such fractional share. Shareholders will receive instructions from the Company’s exchange agent,
American Stock Transfer & Trust Company, LLC, as to how to exchange existing share certificates for
new certificates representing the post-reverse split shares.
Additional information about the reverse stock split can be found in the Company’s proxy statement
furnished to the Securities and Exchange Commission on May 17, 2011, a copy of which is available
at www.sec.gov.