Nasdaq-listed Star Bulk today priced the sale of 49,000,418 shares at $5.00 each.
Its potential $245m pot exceeds the $200m outlined when the owner revealed the issue yesterday.
Ben Nolan of Stifel, said in a report today that the company will be left with $237.7m from the primary sale after costs.
He said: "While we feel the company has addressed its funding gap, any additional liquidity needs could be met through the sale of the company's older vessels that were built before 2000, which encompasses 13 vessels."
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