Sichenzia Ross Friedman Ference LLP Advises FreeSeas Inc. on $25.0 Million Public Offering of Preferred Stock and Warrants
NEW YORK, June 5, 2014–New York- based securities law firm, Sichenzia Ross Friedman Ference LLP, advised FreeSeas Inc. (NASDAQ: FREE), a transporter of dry-bulk cargoes through the ownership and operation of a fleet of five Handysize and one Handymax vessels, in a recently completed $25 million registered direct public offering of Series D Convertible Preferred Stock and Series C Warrants. The securities consisted of one share of the Company’s Series D Convertible Preferred Stock and 184 Series C Warrants, exercisable for five years at an initial price of $1.42 per share. Each share of Series D Preferred Stock has a stated value of $100 and is convertible into a number of shares of common stock equal to $100 divided by $1.09. The Sichenzia Ross Friedman Ference LLP team was led by partners Marc J. Ross and James M. Turner.
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