In a just published Form 13, filed with the US Securities and Exchange Commission (SEC), Genco Shipping & Trading Ltd. (OTCMKTS:GNKOQ) reported that Centerbridge Credit Partners, L.p. has picked up 1,465,230 of common stock as of 2016-12-06.
The acquisition brings the aggregate amount owned by Centerbridge Credit Partners, L.p. to a total of 1,465,230 representing a 4.26% stake in the company.
For those not familiar with the company, Genco Shipping & Trading Ltd. together with its subsidiaries, is a provider of biometric identification, identity management and electronic transaction processing services. The Company offers solutions for fingerprint-based identity management and electronic transaction processing. It offers technologies that are intended to provide solutions in the areas, including Identity Management, such as handheld identification devices and biometric finger print matching algorithms and associated software applications.
A glance at Genco Shipping & Trading Ltd. (OTCMKTS: GNKOQ)’s key stats reveals a current market capitalization of $34.89 million based on 44.45 million shares outstanding and a price at last close of $0.785 per share.
Looking at insider activity, there are a few transactions worth noting.
Specifically, on 2015-11-10, Strategic picked up 447,711 at a purchase price of $1.65. This brings their total holding to 4,094,961 as of the date of the filing.
On the sell side, the most recent transaction saw Wobensmith unload 17,190 shares at a sale price of $7.00. This brings their total holding to 311,854.
It’s possible to gauge a company’s potential by tracking the activity of its major holders, as well as checking in on insider activity such as those transactions listed above. We’ll be keeping an eye on Genco Shipping & Trading Ltd. (OTCMKTS: GNKOQ) as things move forward to see if its progress aligns with these transactions.
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