Eagle Bulk Shipping announced that its shareholders have voted to support and authorize the previously disclosed merger agreement, dated December 11, 2023, involving Star Bulk Carriers, Star Infinity Corp., and Eagle Bulk. Additionally, shareholders approved the issuance of common stock with a par value of $0.01 per share.
At the Meeting, approximately 65% of the Company’s outstanding shares (approximately 99% of the shares of Common Stock present at the Special Meeting) were voted in favor of the Merger Proposal and approximately 96% of the votes cast were voted in favor of the Convertible Note Share Issuance Proposal.
The final voting results on the proposals voted on at the Special Meeting will be set forth in Eagle’s Form 8-K to be filed with the Securities and Exchange Commission after certification by the inspector of elections.
Under the terms of the Merger Agreement, at the effective time, each share of the Common Stock issued and outstanding immediately prior to the effective time (excluding Common Stock owned by Eagle, Star Bulk, Merger Sub or any of their respective direct or indirect wholly owned subsidiaries) will be cancelled in exchange for the right to receive 2.6211 shares of common stock of Star Bulk, par value $0.01 per share, and any cash payable in respect of fractional shares.
The Company now expects to complete the merger on or about April 9, 2024, subject to the satisfaction of the remaining closing conditions.
