EuroDry establishes up to $20 million at-the-market equity capacity

EuroDry Ltd. entered into an equity distribution agreement on September 11 that allows the dry bulk shipping company to offer and sell up to $20 million of common shares from time to time through A.G.P./Alliance Global Partners. The agreement, disclosed in a Form 6-K filed Friday, establishes at-the-market equity capacity. It does not establish that EuroDry has sold any shares under the program or received proceeds (Form 6-K AccNo 0000919574-26-006296).

Sales agent and transaction fee

A.G.P. will act as sales agent. Under Section 2(a)(vi) of the agreement, its transaction fee is 3.0% of the gross sales price of shares sold pursuant to Section 2(a). That fee applies to sales under the specified provision; it is not evidence of a payment already made. The $20 million figure is an aggregate offering-price ceiling, rather than a disclosed amount raised or a commitment that the entire capacity will be used.

Share mechanics and Nasdaq listing

The shares covered by the agreement consist entirely of authorized but unissued common shares to be issued and sold by EuroDry, with a par value of $0.01 per share. The capacity therefore concerns new company shares. For shareholders tracking potential issuance, the relevant distinction is between permission to sell and completed sales: the agreement supplies the former, while the disclosed information does not quantify the latter. No number of shares ultimately to be issued is established by the dollar ceiling alone.

Form F-3 shelf incorporation

The agreement also represents that the shares have been approved for listing on the Nasdaq Capital Market, where EuroDry trades under EDRY. Listing approval is a separate fact from whether sales have occurred. The filing does not provide a tally of shares sold under the ATM, actual gross or net proceeds, or a timetable for future sales. It also does not supply a detailed use-of-proceeds narrative for this update.

Issuer context

EuroDry incorporated the information in the Form 6-K by reference into its Form F-3 registration statement, File No. 333-298606. That registration statement was filed August 27, 2026, and declared effective September 3. The September 11 report attaches the equity distribution agreement as Exhibit 1 and an opinion of Seward & Kissel LLP relating to the common shares as Exhibit 5.1. President Aristides J. Pittas signed the report, dated September 11.

What remains undisclosed

EuroDry is a Marshall Islands corporation and foreign private issuer with its principal office in Maroussi, Greece. For company research, the Friday filing adds two concrete financing terms to track: up to $20 million of equity-sale capacity and a 3% sales-agent transaction fee. The amount actually raised, if any, and the timing of any sales remain unknown in the disclosed information. All financing figures in this update are as of September 11, the agreement and filing date.