New York-listed Excel surged 12.05% to $0.67 in early trading afterpushing back the due date tied to the first tranche of the $30m exercise to 31 December.
Previously, under the terms of a billion-dollar debt overhaul, the Greek bulker owner needed to raise $20m in additional equity by 30 September with the remainder required by the end of this year.
While the Gabriel Panayotides-led company saw its share price spike the development wasn’t met by applause at Wells Fargo Securities.
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