GlobeNewswire Inc | Oct 19, 2020 04:05PM EDT

October 19, 2020

GLYFADA, Greece, Oct. 19, 2020 (GLOBE NEWSWIRE) -- Globus Maritime Limited ("Globus" or the Company,") (NASDAQ: GLBS), a dry bulk shipping company, announced today that its Board of Directors (the Board) has determined to effect a 1-for-100 reverse stock split of the Companys common shares and Series B preferred shares. At the Companys annual general meeting of shareholders on September 24, 2020, the Companys shareholders approved the reverse stock split and granted the Board the authority to determine the exact reverse split ratio and proceed with the reverse stock split.

The reverse stock split will take effect, and the Companys common stock will begin trading on a split-adjusted basis on the Nasdaq Capital Market, as of the opening of trading on October 21, 2020 under the existing trading symbol GLBS. The new CUSIP number for the common stock following the reverse stock split is Y27265 126.

When the reverse stock split becomes effective, every 100 shares of the Companys issued and outstanding common stock and Series B preferred shares will be automatically combined into one issued and outstanding share of common stock or Series B preferred share, as applicable, with no adjustment in par value or the number of authorized shares of any class or series of stock. This will reduce the number of outstanding common shares from 175,675,651 to approximately 1,756,756 shares (subject to further adjustment based on fractional shares) and the number of Series B preferred shares from 30,000 to 300.

No fractional shares will be issued in connection with the reverse split of the issued and outstanding common stock. Shareholders who would otherwise hold a fractional share of the Companys common stock will receive a cash payment in lieu thereof at a price equal to that fraction to which the shareholder would otherwise be entitled multiplied by the closing price of the Companys common stock on the Nasdaq Capital Market on October 20, 2020. No fractional shares shall be issued for the Series B preferred shares because the reverse stock split will not result in any fractional shares for that series.

Shareholders with shares held in book entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after October 21, 2020. Such beneficial holders may contact their bank, broker or nominee for more information.

Shareholders with shares held in certificated form, if any, will receive explicit instructions from the Companys transfer agent, Computershare, for exchanging their stock certificates for new shares of common stock resulting from the reverse split.

For further information about the reverse stock split please review the Companys proxy statement furnished to the Securities and Exchange Commission on August 24, 2020, a copy of which is available on the Commissions website at www.sec.gov, and also on Companys website at www.globusmaritime.gr.

About Globus Maritime Limited

Globus is an integrated dry bulk shipping company that provides marine transportation services worldwide and presently owns, operates and manages a fleet of five dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina and other dry bulk cargoes internationally. Globus subsidiaries own and operate five vessels with a total carrying capacity of 300,571 Dwt and a weighted average age of 12.6 years as of September 30, 2020.

Safe Harbor StatementThis communication contains forward-looking statements as defined under U.S. federal securities laws. Forward-looking statements provide the Companys current expectations or forecasts of future events. Forward-looking statements include statements about the Companys expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts or that are not present facts or conditions. Words or phrases such as anticipate, believe, continue, estimate, expect, intend, may, ongoing, plan, potential, predict, project, will or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. The Companys actual results could differ materially from those anticipated in forward-looking statements for many reasons specifically as described in the Companys filings with the Securities and Exchange Commission. Accordingly, you should not unduly rely on these forward-looking statements, which speak only as of the date of this communication. Globus undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this communication or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks Globus describes in the reports it will file from time to time with the Securities and Exchange Commission after the date of this communication.

For further information please contact: Globus Maritime Limited +30 210 960 8300Athanasios Feidakis, CEO a.g.feidakis@globusmaritime.gr Capital Link ? New York +1 212 661 7566Nicolas Bornozis globus@capitallink.com