FreeSeas approved its second reverse stock split for the year as it tries to stay afloat as a public company.
The Ion Varouxakis-led dry bulk owner said that shareholders granted the board of directors authority to effect the reverse split, which would be between a one-for-two or a one-for-60 reverse split, at the board’s discretion.
Shareholders also approved a measure that any fractional share ownership following the reverse split will be settled in cash or in more shares.
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