The New York-listed stock dropped 9.25% before bottoming out at around $5.20 in the hour following the opening bell.

The dip, which is not unusual when companies first unveil fundraisers given concerns about dilution, came as the Greek containership operator priced four million shares at $5.25 a piece.

As we reported, when the offering closes on 18 March, underwriters will be given an option to pick up another 600,000 shares to cover over-allotments.

In a statement, Box Ships said it anticipates proceeds of around $21m and expects to use the cash for “general corporate purposes”, which may include the repayment of debt and the acquisition of vessels.

Global Hunter Securities was picked to serve as lead managing underwriter and sole book-runner of the offering while Maxim Group and National Securities Corporation were hired as co-managers.