FreeSeas announced that the company's Amended and Restated Articles of
Incorporation were amended to effect a reverse stock split of the company's
issued and outstanding common stock at a ratio of one new share for every 5
shares currently outstanding. The company anticipates that its common stock
will begin trading on a split adjusted basis when the market opens on
December 2. The reverse stock split will consolidate 5 shares of common
stock into one share of common stock at a par value of 0.1c per share.