Ardmore Shipping (ASC) Completes Review of Securities Filings; Has No Plans for Raising Additional Capital at This Time
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Ardmore Shipping Corporation (NYSE: ASC) ("Ardmore" or the "Company") today announced that it has completed its annual review of securities filings. As a part of this process, the Company has filed the following documents with the Securities and Exchange Commission ("SEC"): a shelf registration statement on Form F-3 (the "Registration Statement") registering $500 million of primary securities and additional secondary securities, a registration statement on Form S-8 registering shares under the 2013 Equity Incentive Plan, and a prospectus supplement for an at-the-market ("ATM") program.
Under the ATM program, the Company has entered into an open market sale agreement pursuant to which the Company may offer and sell common shares of up to an aggregate sales amount of $25 million. In addition, the Company's Board of Directors has authorized an expansion of the existing share repurchase plan to $25 million. Ardmore expects to repurchase these shares in the open market or in privately negotiated transactions, at times and prices that are considered to be appropriate by the Company, but is not obligated under the terms of the program to repurchase any shares, and at any time Ardmore may suspend, delay or discontinue the share repurchase plan.
Anthony Gurnee, the Company's Chief Executive Officer, commented:
"We routinely review our securities filings to ensure we have the ability at all times to pursue a range of potential opportunities in the execution of our strategic growth plan. We do not have plans for raising additional capital at this time."
The offering under each of the ATM program and the Registration Statement will be made only by means of a prospectus supplement and an accompanying prospectus filed as part of an effective registration statement on Form F-3 filed with the SEC. When available, copies of the prospectus supplement and accompanying base prospectus related to the offering under the ATM program may be obtained from The IGB Group, telephone: 212-477-8438 or 646-673-9701, email: email@example.com or firstname.lastname@example.org.
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