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Costamare Inc. (NYSE:CMRE) announced Wednesday that it has entered into a Stock Subscription Agreement with Konstantinos Konstantakopoulos, under which Mr. Konstantakopoulos will purchase 1,200 shares of a newly created Series F Preferred Stock for a total price of $1,200.
According to a press release statement, each Series F Preferred share carries 50,000 votes but does not provide any dividend, distribution, or liquidation rights beyond its par value. The company stated that this issuance is intended to ensure that U.S. persons do not control more than 25% of Costamare’s total voting power. Following the transaction, the Konstantakopoulos family, none of whom are U.S. persons, will control approximately 75.7% of the company’s voting rights, up from about 63.6% prior to the issuance.
The Series F Preferred Stock may be redeemed at any time at the discretion of Costamare’s independent board members for $1 per share. All rights associated with the Series F Preferred Stock will automatically terminate five years from the date of issuance if any shares remain outstanding.
The company indicated that the creation of this new preferred stock series follows an announcement by the Ministry of Transport in China on October 10, 2025, regarding the collection of special port fees from U.S.-linked vessels. Costamare stated it does not believe its vessels are subject to these fees, but the issuance is intended to address potential concerns over U.S. control thresholds.
The Audit Committee, consisting solely of independent and disinterested directors, reviewed and unanimously recommended the approval of the Series F Preferred Stock and the related agreement.
Details of the Series F Preferred Stock are outlined in a Statement of Designation dated Wednesday. This information is based on a press release statement included in the company’s SEC filing.
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