On December 15, 2005, Trinity Partners Acquisition completed its acquisition of FreeSeas, Inc. The common shares of the company, which closed at $5.23 today, now trade under the symbol FREE. The Class W and Class Z warrants, which now trade under the symbols FREEW and FREEZ, most recently changed hands at $.85 and $1.10, respectively.
FreeSeas Completes Merger and Starts Trading on NASDAQ
PIRAEUS, GREECE — (MARKET WIRE) — 12/16/2005 — FreeSeas Inc. (NASDAQ: FREE), (NASDAQ: FREEW) and (NASDAQ: FREEZ) announced today that it has completed its merger with Trinity Partners Acquisition Company Inc. and, in accordance with the terms of the merger, FreeSeas is the surviving corporation. Effective today, FreeSeas’ common stock, Class W warrants and Class Z warrants will commence trading on the Nasdaq Capital Market under the trading symbols FREE, FREEW and FREEZ, respectively.
All classes of Trinity securities will no longer trade; each outstanding share of Trinity’s common stock and Class B common stock have been converted, as a result of the merger, into the right to receive an equal number of shares of FreeSeas’ common stock. Each Trinity Class W warrant and Class Z warrant have been converted into the right to receive an equal number of FreeSeas’ Class W warrants and Class Z warrants.
As of today, FreeSeas has outstanding 6,282,600 shares of common stock, 1,828,750 Class W warrants and 1,458,750 Class Z warrants, following conversion of all Trinity securities into FreeSeas securities.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargos through the ownership and operation of drybulk vessels. Currently, it has a fleet of three Handysize vessels.
The FreeSeas principals, George D. Gourdomichalis, Ion Varouxakis and Stathis D. Gourdomichalis issued the following statement: “Today’s merger marks a turning point for our company. FreeSeas’ stock will commence trading on Nasdaq today under the symbol FREE. We are very pleased at this development, which opens whole new opportunities for our company.”
About FreeSeas Inc.
FreeSeas Inc. is a Marshall Islands corporation with principal offices in Piraeus, Greece. FreeSeas is engaged in the transportation of dry bulk cargos through the ownership and operation of drybulk vessels. Currently, it has a fleet of three Handysize vessels. FreeSeas common stock and warrants trade on the Nasdaq Capital Market under the symbols FREE, FREEW and FREEZ respectively. Risks and uncertainties are described in reports filed by FreeSeas Inc. with the US Securities and Exchange Commission, which can be obtained free of charge on the SEC’s website at www.sec.gov. For more information about FreeSeas Inc. please go to our corporate website www.freeseas.gr
<snip>
sec.gov |
