Company: Forty Seven, Inc.
Symbol: FTSV
Description: They are GoodBulk Ltd., a leading international owner and operator of dry bulk vessels, and one of the world’s largest owners of Capesize vessels.
Trade Date: 6/28
Shares: 6.7 million
Price Range: $14.00-$16.00
Underwriter(s): Morgan Stanley, Credit Suisse
Co-Manager(s): BTIG, Canaccord Genuity, Oppenheimer& Co.
Terms Added: 6-18-18
Business: They are GoodBulk Ltd., a leading international owner and operator of dry bulk vessels, and one of the world’s largest owners of Capesize vessels. Founded in October 2016, for the purpose of owning high-quality secondhand dry bulk vessels between 50,000 and 210,000 dwt, they offer investors an efficient company to access the dry bulk market. They were formed at a historically low point in the shipping cycle, which their management and Board of Directors believe represents an opportunity to expand their fleet and business with a low cost asset base. Starting with only one vessel on the water in January 2017, through their actively managed fleet strategy and opportunistic acquisitions at attractive valuations, they have successfully grown their fleet to 25 dry bulk vessels as of the date of this prospectus. This includes 22 Capesize, 1 Panamax, and 2 Supramax vessels, which have an average age of 9 years and an aggregate carrying capacity of 4.1 million dwt. They have entered into a Heads of Terms Agreement whereby, if this offering is consummated by July 15, 2018, they have agreed to acquire up to five secondhand Capesize drybulk vessels for up to an aggregate purchase price of $178.75 million in cash and share-based consideration. The Acquisition Vessels have an aggregate carrying capacity of 898,687 dwt with expected delivery by the end of September 2018. Including all five of the Acquisition Vessels, their combined fleet would total 30 dry bulk vessels with an average age of 8.8 years and an aggregate carrying capacity of 5.0 million dwt.
Financials: Their revenues were $57.1 million in 2017, and their net income was $7.1 million. Their revenues were $3.4 million and $35.0 million and their net income (loss) was ($348 thousand) and $11.0 million in the first quarter of 2017 and 2018, respectively.
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