Costamare (CMRE) said Thursday that it expects to complete the spin-off of its dry bulk business into a standalone company, Costamare Bulkers Holdings, on May 6, following its board approval.
The company said shareholders of record as of April 29 will receive one share of Costamare Bulkers for every five shares of Costamare they hold.
From April 29 through May 6, the company said its shares would trade with "due-bill" rights, giving shareholders entitlement to Costamare Bulkers shares.
Starting May 1 through May 6, Costamare Bulkers shares will trade on a "when-issued" basis under the "CMDB WI" ticker while Costamare shares will trade with and without distribution rights under "CMRE" and "CMRE WI," respectively, according to Costamare.
Costamare Bulkers shares will begin regular trading on the NYSE on May 7 under its new symbol "CMDB," the company said, adding fractional shares will be settled in cash.
Shares of Costamare rose 7.5% in recent premarket activity.
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