Robin Energy Ltd. (NASDAQ:RBNE) shares fell sharply on Monday, dropping 27.8% after the company announced a registered direct offering priced well below recent market levels.
The global energy transport and ship-owning firm disclosed it had reached an agreement with institutional investors to issue 1,020,000 common shares at $3.50 each. The deal is expected to bring in approximately $3.6 million in gross proceeds before fees and expenses.
The steep discount relative to Robin Energy’s prior share price fueled the sell-off, as investors reacted to the anticipated dilution. Maxim Group LLC is serving as the sole placement agent for the transaction.
According to the company, the funds raised will be allocated to general corporate purposes and to strengthen working capital. The offering is slated to close on or around June 25, 2025, pending customary conditions.
The direct offering adds pressure to a stock that has faced recent volatility, with the market reacting to concerns about shareholder dilution and short-term financial strategy.