Box Ships Inc. Sells Shares to Fund Two Container Ships

Box Ships Inc. (TEU) said it plans to offer and sell $30 million of its shares as part of its effort to fund the acquisition of two container ships. The Athens-based shipping company’s Chief Executive Michael Bodouroglou is expected to buy up to 2.6% of the shares through a company he controls, Neige international Inc., at the public offering price. The proceeds will be used in part to redeem preferred shares previously issued to Niege. Box Ships recently had a market capitalization of roughly $132 million, according to FactSet. Shares fell 15% to $6.90 in after-hours trading.

[I]By Kristin Jones, Dow Jones Newswires[/I]