Nordic American Tankers Reveals 10 Mln Stock Offering; Shares Down

(RTTNews) - Nordic American Tankers Ltd (NAT) Monday announced an underwritten public offering of 10 million common shares.

The company also intends to grant the underwriters a 30-day option to purchase additional shares representing up to 15% of the offered shares.

Nordic said that investors in the offering are entitled to a dividend of $0.23 per share. This dividend was announced April 2 and is payable to shareholders of record as of May 15.

The company intends to use the net proceeds of the offering primarily to finance the acquisition of potentially two to four vessels as well as for general corporate purposes.

The company' stock closed Monday at $9.46, down $0.35 or 3.57%, on a volume of 1.3 million shares on the NYSE. In after hours, the stock dropped $0.83 or 8.77% at $8.63.