Company: CMDB
Filing Date: 2025-04-23
Form Type: 20FR12B/A
Source: 0001140361-25-015197
Chunk: 323

Company: Costamare Bulkers Holdings Ltd
Filing Date: 2025-04-23
Form: 20FR12B/A
Chunk 323
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,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 is a majority owned subsidiary of Costamare organized in the Republic of the Marshall Islands in June 2022, operating as a dry bulk operating platform.

For the consolidated financial statements as of December 31, 2024 and for the year ended December 31, 2024, the Company had evaluated the effects of subsequent events through March 31, 2025, the date these consolidated financial statements were available to be issued. Please refer to Note 5.

2. Significant Accounting Policies and Recent Accounting Pronouncements:

(a) Principles of Consolidation: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include the accounts of CMDB and its wholly-owned subsidiary CBSI. CMDB consolidated CBSI from July 15, 2024. As of