Pangaea to acquire 15 dry bulk vessels from MTM in all-stock deal worth ~$295M

Pangaea Logistics Solutions Ltd.

Issuing ~19M shares (~29% pro forma) for 15 handy-size vessels valued at $295M, net of $102M debt = $193M NAV.
Adds 15 vessels, expanding owned fleet by 60% to 41; expected close Q4 2024, subject to shareholder approval.
SSI to designate Christina Tan (MTM CEO) and Gary Vogel (former Eagle Bulk CEO) to Pangaea board.
Transaction expected to be accretive; maintains leverage of ~34.6% and includes MTM dry bulk chartering team.
Cash consideration limited to working capital; Pangaea assumes current charter commitments of SSI fleet.

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