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Investing.com -- EuroHoldings Ltd (NASDAQ:EHLD) stock surged 26% after the company announced that shareholders associated with the Pittas family have sold 51.04% of the company’s outstanding common shares to Marla Investments Inc., a company affiliated with the Latsis family.
The transaction was completed at approximately $12.90 per share in cash for 1,437,697 shares. The Pittas family retained approximately 7.6% ownership in the company following the deal. The agreement also includes additional payments to the sellers based on the continued employment of two containerships beyond their minimum charter periods.
As part of the transaction, Aristides P. Pittas and Dr. Anastasios Aslidis resigned from the company’s Board of Directors. George Margaronis and Christos Triantafillidis were appointed to fill these vacancies. Eurobulk Ltd, Eurochart S.A. and their affiliates will continue to provide management services to EuroHoldings, with the existing management team remaining in place.
Aristides J. Pittas, Chairman, President and CEO of EuroHoldings, commented: "Our strategy has always been focused on pursuing the best path forward to enhance shareholder value. We strongly believe that this Transaction (JO:NTUJ) represents a significant milestone in EuroHoldings’ evolution as it marks a new beginning with a highly reputable and successful shipping sponsor as a shareholder of the Company. Furthermore, members of the Pittas family retain ownership in the Company which demonstrates our conviction that this strategic decision is for the benefit of shareholders."
The company’s Board unanimously approved facilitating the transaction by amending the Shareholders’ Rights Plan to permit the purchaser to own more than 15% of outstanding shares and entering into a registration rights agreement with the purchaser.
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