Perkins Coie represented Ardmore Shipping Corporation on the offering
Ardmore Shipping Corporation (NYSE: ASC) (“Ardmore” or the “Company”) today announced that GA Holdings LLC (the “Selling Shareholder”) has priced an underwritten public offering of 5,579,978 shares of the Company’s common stock at a public offering price of $8.10 per share. The Company has granted the underwriter a 30-day option to purchase up to an additional 634,497 shares of common stock. The Company has agreed to purchase from the underwriter 1,350,000 shares of its common stock that are subject to this offering and to purchase from the Selling Shareholder in a privately-negotiated transaction an additional 85,654 shares of its common stock, in each case at a purchase price per share equal to the price per share paid by the underwriter to the Selling Shareholder in the offering (together, the “Share Repurchase”). Upon completion of the offering, the Share Repurchase and the distribution by the Selling Shareholder to certain of its members of its remaining 122,310 shares of Company common stock in connection with the offering, the Selling Shareholder will not own any shares of the Company’s common stock.
The Company will not receive any proceeds from the sale of common stock by the Selling Shareholder. The Company intends to use the net proceeds from the sale of common stock to the underwriter pursuant to any exercise by the underwriter of its option to purchase additional shares for general corporate purposes. The Company expects to fund the Share Repurchase with cash on hand.
Ardmore’s common stock is listed on the New York Stock Exchange under the symbol “ASC”.
Morgan Stanley is acting as the underwriter for the offering.
Led by Portland partner David Matheson (Picture), the Perkins Coie team included Portland associates Joe Bailey and Michael Stout.
Law Firms: Perkins Coie;
Clients: Ardmore Shipping Corporation;