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Investing.com -- Robin Energy Ltd. (NASDAQ:RBNE) stock plunged 27.8% after the energy transportation services provider announced a registered direct offering of common shares at a significant discount to market price.
The international ship-owning company said it has entered into a securities purchase agreement with several institutional investors to sell 1,020,000 common shares at $3.50 per share, raising approximately $3.6 million in gross proceeds before deducting commissions and offering expenses.
The offering price represents a substantial discount compared to the company’s recent trading levels, triggering the sharp sell-off in Robin Energy shares. Maxim Group LLC is acting as the sole placement agent for the transaction.
Robin Energy indicated it plans to use the net proceeds for working capital and general corporate purposes. The offering is expected to close around June 25, 2025, subject to customary closing conditions.
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