Would-be shipowner Hunter Maritime Acquisition will pay out $132m to shareholders as the company moves forward with a merger.
In early October, Hunter, a blank cheque outfit set up by the Saverys family, offered to tender 14.1 million shares for $10 each alongside a proposal to shareholders to give the company until late April to execute a merger with NCF Wealth Holdings, a Chinese financial technology company.
The extension was approved and the tender offer was bumped up to $10.125 per share 23 October.
Holders of 13 million shares took them up on the deal.
The Nasdaq-traded company raised $152m in a 2016 IPO underwritten by Morgan Stanley with the intention to buy distressed shipping assets.
Last year, it had a deal to buy five capesize bulkers from the Oskar Wehr Group for $139.4m. The deal fell apart after a tender offer have left the company without enough cash to buy the ships.
In October, the company turned its eye toward NCF, proposing an all-stock deal valuing the company at $2bn.
