StealthGas Abandons Stock Offering

(RTTNews) - StealthGas Inc. (GASS) said Wednesday that it will not proceed with its previously announced public offering of common stock at this time as it is not in the best interests of its shareholders.

On Monday, StealthGas had announced an underwritten public offering of 10 million shares of its common stock. The company planned to grant the underwriters a 30-day option to purchase up to 1.5 million additional shares of its common stock.

The company had planned to use the net proceeds of the offering for vessel acquisitions, capital expenditures and other general corporate purposes.

Athens, Greece-based StealthGas is a ship-owning company mainly serving the liquefied petroleum gas sector of the international shipping industry.