The Marshall Islands-based Hunter Maritime Acquisition Corp. has extended its previously announced tender offer to buy up to 8,233,100 of its Class A common shares until 5:00 p.m. New York City time on June 2, 2017. 

With a value of USD 0.0001 and a purchase price of USD 10 per share, the Class A common shares are currently listed on the Nasdaq Capital Market.

The tender offer has been made in connection with the company’s proposed acquisition of five identified Capesize dry bulk carriers.

As World Maritime News earlier reported, the ships would be bought in an en bloc transaction from Germany’s Oskar Wehr for a total of USD 139.4 million. The acquisition is subject to the satisfaction of relevant condition.

Hunter Maritime said the tender offer is being made pursuant to the company’s organizational documents to provide its public shareholders with an opportunity to redeem their Class A common shares for a pro rata portion of the trust account established to hold the proceeds of the company’s initial public offering consummated on November 23, 2016.

The company intends to fund the purchase of Class A common shares in the tender offer with cash available from the trust account.