StealthGas Inc. Commences Self Tender Offer To Purchase Up To 4,761,904 Shares
StealthGas Inc. (Nasdaq: GASS), a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, today announced the commencement of a tender offer to purchase up to 4,761,904 shares, or about 12.1%, of its outstanding common stock using funds available from cash and cash equivalents at a price of $2.10 per share. The tender offer will expire at the end of the day, 5:00 P.M., New York City Time, on April 28, 2020, unless extended or withdrawn. The Board of Directors determined that it is in the Company’s best interest to repurchase shares at this time given StealthGas’ cash position and stock price. The tender offer is not conditioned upon any minimum number of shares being tendered; however, the tender offer is subject to a number of other terms and conditions. Specific instructions and an explanation of the terms and conditions of the tender offer are contained in the Offer to Purchase and related materials that are being mailed to shareholders.
StealthGas has retained Okapi Partners LLC as the information agent for the tender offer and American Stock Transfer & Trust Co., LLC as the depositary.
Source: StealthGas Inc.