Costamare (CMRE) early Thursday disclosed its plan to spin off its dry bulk shipping business into a standalone, publicly traded company.
Following the separation of Costamare Bulkers Holdings, Costamare will continue its global shipping containers and vessels business along with its Neptune Maritime Leasing unit.
Shares of Costamare Bulkers Holdings are expected to trade on the New York Stock Exchange.
Costamare said while no definitive decision has been made, it expects to complete the spinoff transaction this year through a pro-rata distribution of shares, subject to regulatory and final board approvals and other conditions.
Price: 10.26, Change: -0.04, Percent Change: -0.44
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.