Seanergy Maritime Holdings Corp. Announces Pricing of $25.0 Million Underwritten Public Offering
August 17 2020 - 9:45PM
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ:
SHIP), announced today the pricing of an underwritten
offering of 35,714,286 units. Each unit consists of one common
share (or pre-funded warrant in lieu of one common share) and
one Class E warrant to purchase one common share, and will
immediately separate on issuance. The public offering price of each
unit is $0.70 (or $0.69 for a unit including a pre-funded warrant).
Gross proceeds before underwriting discounts and commissions and
estimated offering expenses, are expected to be approximately $25.0
million. The offering is expected to close on or about August 20,
2020, subject to customary closing conditions.
The Class E warrants will be immediately
exercisable at a price of $0.70 per common share and will expire
five years from the date of issuance. A public market for the
pre-funded warrants or Class E Warrants is not expected to be
established or to develop.
Maxim Group LLC is acting as sole book-running
manager and representative of the underwriters, and Fearnley
Securities is acting as lead manager for the offering.
The Company also has granted to the
representative of the underwriters a 45-day option to purchase up
to an additional 5,357,142 common shares and/or pre-funded warrants
and/or Class E warrants to purchase up to 5,357,142 common shares,
at the public offering price less discounts and commissions.
The Company, all of its executive officers and
directors, and certain affiliates have entered into lock-up
agreements with the underwriters, pursuant to which these persons
may not, without the prior written approval of the representatives
to the underwriters, offer, sell, contract to sell or otherwise
dispose of or hedge common shares or securities convertible into or
exchangeable for common shares, subject to certain exceptions.
These restrictions will be in effect for a period of 120 days after
the date of the closing of this offering.
The securities described above are being offered
by Seanergy Maritime Holdings Corp. pursuant to a registration
statement (File No. 333-226796) previously filed and declared
effective by the Securities and Exchange Commission (SEC). The
securities are being offered only by means of a prospectus
supplement and accompanying prospectus, forming part of the
registration statement. A preliminary prospectus supplement and
accompanying prospectus relating to this offering have been filed
with the SEC. Electronic copies of the preliminary prospectus
supplement and the accompanying prospectus relating to this
offering may be obtained from Maxim Group LLC, 405 Lexington
Avenue, 2nd Floor, New York, NY 10174, at 212-895-3745. Electronic
copies of the preliminary prospectus supplement and accompanying
prospectus are also available on the website of the SEC at
www.sec.gov.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
About Seanergy Maritime Holdings
Corp.Seanergy Maritime Holdings Corp. is the only
pure-play Capesize ship-owner publicly listed in the US. Seanergy
provides marine dry bulk transportation services through a fleet of
11 Capesize vessels with an average age of about 11.5 years and
aggregate cargo carrying capacity of approximately 1,926,117
dwt. The Company is incorporated in the Marshall Islands and
has executive offices in Athens, Greece and an office in Hong Kong.
The Company's common shares trade on the Nasdaq Capital Market
under the symbol "SHIP", its Class A warrants under "SHIPW" and its
Class B warrants under “SHIPZ”.
Please visit our company website at:
www.seanergymaritime.com
Cautionary Note Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended) concerning future
events, particularly with respect to the public offering described
herein. Words such as "may", "should", "expects", "intends",
"plans", "believes", "anticipates", "hopes", "estimates" and
variations of such words and similar expressions are intended to
identify forward-looking statements. These statements involve known
and unknown risks and are based upon a number of assumptions and
estimates, which are inherently subject to significant
uncertainties and contingencies, many of which are beyond the
control of the Company. Actual results (including, without
limitation, whether the offering described herein will occur at
all) may differ materially from those expressed or implied by such
forward-looking statements. Factors that could cause actual results
to differ materially include, but are not limited to, the demand
for the Company securities in the public market, the Company's
operating or financial results; the Company's liquidity, including
its ability to service its indebtedness; competitive factors in the
market in which the Company operates; shipping industry trends,
including charter rates, vessel values and factors affecting vessel
supply and demand; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
risks associated with operations outside the United States; and
other factors listed from time to time in the Company's filings
with the SEC, including the Registration Statement and its most
recent annual report on Form 20-F. The Company's filings can be
obtained free of charge on the SEC's website at www.sec.gov. Except
to the extent required by law, the Company expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
For further information please
contact: Capital Link, Inc. Judit Csepregi 230 Park Avenue
Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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