Company: CMDB
Filing Date: 2025-03-31
Form Type: 20FR12B
Source: 0001140361-25-011425
Chunk: 325

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-03-31
Form: 20FR12B
Chunk 325
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 BULKERS HOLDINGS LIMITED

### Notes to Consolidated Financial Statements

#### December 31, 2023 and 2024
(Expressed in U.S. dollars, except share and per share data, unless otherwise stated)

1. Basis of Presentation and General Information:

The accompanying consolidated financial statements include the accounts of Costamare Bulkers Holdings Limited and its wholly-owned subsidiary Costamare Bulkers Ships Inc. (collectively, the “Company”).

Costamare Bulkers Holdings Limited (“CMDB”), a wholly-owned subsidiary of Costamare Inc. (“Costamare”), a publicly listed company on the New York Stock Exchange, was organized under the laws of the Republic of the Marshall Islands on September 29, 2023. On July 11, 2024, Costamare subscribed for and was issued 10,000 shares of the capital stock of the CMDB at a par value of $0.0001 per share, making Costamare the sole shareholder of the Company.

Costamare Bulkers Ships Inc. (“CBSI”), a wholly-owned subsidiary of CMDB, was organized under the laws of the Republic of the Marshall Islands on July 11, 2024 and on July 15, 2024 CMDB subscribed for and was issued one share of the capital stock of CBSI at a par value of $1 per share, making CMDB the sole shareholder of CBSI.

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.

As of December 31, 2024, the Company has not commenced any activities other than those related to its formation and holding the pledged cash balance contributed by Costamare under the arrangement discussed in Note 3.

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, following the spin-off, intends to acquire Costamare Bulkers Inc. (“CBI”) pursuant to a purchase agreement with Costamare and an exchange agreement with the minority owner of CBI. CBI