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Pangaea Logistics Solutions Ltd. Acquires 15 Bulk Vessels: Key Financial Insights

$PANL
Form 8-K
Filed on: 2024-12-30
Source
Pangaea Logistics Solutions Ltd. Acquires 15 Bulk Vessels: Key Financial Insights

Here are the key points extracted from the financial report (Form 8-K) regarding Pangaea Logistics Solutions Ltd.:

  1. Date of Report: December 30, 2024.
  2. Company Overview:
  • Name: Pangaea Logistics Solutions Ltd.
  • Incorporation: Bermuda.
  • SEC File Number: 001-36798.
  • IRS Employer Identification Number: 98-1205464.
  • Address: c/o Phoenix Bulk Carriers (US) LLC, 109 Long Wharf, Newport, Rhode Island 02840.
  • Contact Number: (401) 846-7790.
  1. Acquisition Details:
  • The company completed the acquisition of fifteen handy-size dry bulk vessels from Strategic Shipping Inc. (SSI) as part of a previously announced transaction.
  • This acquisition was finalized following a special meeting of stockholders.
  • As part of the transaction, the company issued a total of 18,059,342 shares of its common stock to SSI.
  • After the transaction, the total issued and outstanding shares of common stock increased to 64,961,433 shares.
  1. Voting Results from Special Meeting:
  • A total of 46,902,091 shares were entitled to vote, with 34,841,375 shares represented, constituting a quorum.
  • Proposal 1: Approval of the issuance of Merger Shares.
    • Votes: 34,592,844 in favor, 194,197 against, 54,334 abstaining.
  • Proposal 2: Approval to adjourn or postpone the Special Meeting if necessary.
    • Votes: 33,278,564 in favor, 1,484,093 against, 78,718 abstaining.
  1. Emerging Growth Company Status:
  • The company indicated that it is not an emerging growth company as defined under applicable rules.
  1. Related Filings:
  • Additional information on the acquisition and financial details can be found in the Current Report on Form 8-K filed on September 23, 2024, and the Form 8-K/A filed on November 26, 2024.

This report highlights an important acquisition that could significantly impact the company's operations and financial standing. The successful approval of the proposals indicates shareholder support for the strategic direction of the company.