Pangaea Logistics files Renaissance 2023 financials for 15-vessel acquisition; revenue $83.4M but net loss $2.9M

Pangaea Logistics Solutions Ltd.

Renaissance 2023 audited financials: revenue $83.4M, net loss $2.9M, total assets $220.7M, total liabilities $133.2M.
Merger consideration to be paid in PANL common shares based on NAV-to-NAV exchange ratio; shares unregistered under Securities Act.
Pro forma unaudited combined financials for year ended Dec 2023 and nine months ended Sep 2024 filed as Exhibit 99.3.
Transaction subject to shareholder approval under Nasdaq Listing Rule 5635; proxy statement to be filed.
Renaissance had net current liabilities of $15.6M as of Dec 2023; shareholder agreed to convert due amount to equity.

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