Tennenbaum Capital Partners has become a major EuroDry stakeholder following the distribution of common shares related to its spin-off from Euroseas.

The investment firm on 30 May acquired 670,107 shares of EuroDry, thus holding 24.4% of the new company's 2.26 million outstanding shares, according to a regulatory filing.

Tennenbaum was given 180,000 common shares based on EuroSeas distributing one EuroDry share for every five Euroseas shares held as of 23 May.