Star Bulk Carriers’ stock falls 6.8% premarket after largest shareholder sells some of its stake

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Star Bulk Carriers’ stock falls after largest shareholder reduces stake

Shares of Star Bulk Carriers Corp. drops 6.9% in premarket trade Wednesday, after the Greece-based dry bulk shipping company said its largest shareholder sold off part of its stake, at a discount to current share prices. The company said a secondary public offering of 5 million shares offered by Oaktree Capital Management LP priced at $13.10 a share, or 6.9% below Tuesday’s stock closing price of $14.07. Prior to the offering, Oaktree owned 32.58 million Star Bulk shares as of March 31, or about 50.8% the shares outstanding. After the offering, Star Bulk said Oaktree will own about 43% of the shares outstanding. Star Bulk will not receive any proceeds from the offering. The stock had rallied 25% year to date through Tuesday, while the S&P 500 had gained 1.9%.

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