Company: CMDB
Filing Date: 2025-04-07
Form Type: 20FR12B/A
Source: 0001140361-25-012461
Chunk: 275

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-07
Form: 20FR12B/A
Chunk 275
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4, Costamare subscribed for and was issued 10,000 shares of the capital stock of CMDB at a price of $0.0001 per share, making Costamare the sole shareholder of CMDB. CMDB was formed to serve as the ultimate holding company of Costamare’s dry bulk related businesses as a new public company by means of a spin-off transaction.

On March 27, 2025, as part of an internal reorganization, Costamare contributed to CMDB the shares of 67 wholly-owned companies, out of which 38 companies own dry bulk vessels, 17 companies have previously owned and sold or have agreed to sell their dry bulk vessels and 12 companies are to be used for future dry bulk vessel acquisitions. On the same date, CMDB further contributed these 67 companies to its wholly-owned subsidiary, CBSI. CMDB intends to acquire CBI pursuant to a purchase agreement with Costamare and an exchange agreement with the minority owner of CBI.

The management of the Company believes the assumptions underlying the predecessor combined carve-out financial statements, including the assumptions regarding the allocation of general corporate expenses from Costamare, are reasonable. Nevertheless, the Company’s predecessor combined carve-out financial statements may not include all of the actual expenses that would have been incurred had the Company operated as a standalone company during the period presented and may not reflect the Company’s predecessor combined carve-out results of operations, financial position and cash flows had the Company operated as a standalone company during the periods presented. Actual costs that would have been incurred if the Company had operated as a standalone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure.

The predecessor combined carve-out financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) on a “carve-out” basis from the accounting records of Costamare using the historical carrying costs of the entities included in these predecessor carve-out financial statements for the period presented, including allocation of expenses from Costamare. The**

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COSTAMARE BULKERS HOLDINGS LIMITED PREDECESSOR Notes to Combined Carve-out Financial Statements December 31, 2023 and 2024 (Expressed in thousands of U.S. dollars, except share and per share data, unless otherwise stated) management of the Company believes the allocations have been determined on a basis that is a