Castor Maritime Inc. (CTRM) Prices $18M Registered Direct Offering

Castor Maritime Inc. (NASDAQ: CTRM) announces today that it has entered into a securities purchase agreement with certain unaffiliated institutional investors to issue approximately 94.8 million of its common shares and warrants to purchase up to an aggregate of 94.8 million common shares at a purchase price of $0.19 per common share and accompanying warrant in a registered direct offering. The warrants will have an exercise price of $0.19 per share, are exercisable immediately and will expire five years following the date of issuance.

Maxim Group LLC is acting as sole placement agent for the offering.

The gross proceeds to the Company from the offering are estimated to be approximately $18.0 million before deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or around January 5, 2021, subject to the satisfaction of customary closing conditions.

The securities described above are being sold pursuant to the shelf registration statement on Form F-3 (File No. 333-232052), previously filed with the Securities and Exchange Commission (the “SEC”) on June 10, 2019 and declared effective on June 21, 2019.

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