Pangaea Logistics files $25M shelf, enters ATM sale agreement with B. Riley et al.

Pangaea Logistics Solutions Ltd.

Entered At Market Issuance Sales Agreement with B. Riley, Fearnley, and A.G.P. for up to $25M in common stock.
Shelf registration statement filed March 14, 2024, replacing expired shelf (Jan 28, 2024); not yet effective.
Sales agents will receive up to 3.0% commission on gross proceeds; Company to reimburse certain expenses.
Proceeds from at-the-market offering to be used for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Pangaea Logistics Solutions Ltd. entered into At Market Issuance Sales Agreement with B. Riley Securities, Inc., Fearnley Securities, Inc. and A.G.P./Alliance Global Partners valued at up to $25,000,000 (effective 2024-03-14).

Action: entry
Agreement: atm program
Counterparty: B. Riley Securities, Inc., Fearnley Securities, Inc. and A.G.P./Alliance Global Partners
Value: up to $25,000,000
Effective: 2024-03-14

Exact text from the filing

On March 14, 2024, Pangaea Logistics Solutions Ltd. (the “Company”) entered into an at market issuance sales agreement (the “At Market Issuance Sales Agreement”) with B. Riley Securities, Inc., Fearnley Securities, Inc. and A.G.P./Alliance Global Partners as sales agents (each, a “Sales Agent” and collectively, the “Sales Agents”), to sell shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”) having aggregate sales proceeds of up to $25,000,000

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Pangaea Logistics Solutions Ltd. filing history →

Source: SEC EDGAR

accession 0001606909-24-000052

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