Seanergy Maritime Holdings Corp. Announces Receipt of Nasdaq Notice
July 19 2019 - 5:00PM
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP)
announced that it has received written notification from The Nasdaq
Stock Market (“Nasdaq”) dated July 15, 2019, indicating that
because the closing bid price of the Company’s common stock for 30
consecutive business days, from May 31, 2019 to July 12, 2019, was
below the minimum $1.00 per share bid price requirement for
continued listing on the Nasdaq Capital Market, the Company is not
in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to the
Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to
regain compliance is 180 days, or until January 13, 2020.
The Company intends to monitor the closing bid
price of its common stock between now and January 13, 2020 and is
considering its options, in order to regain compliance with the
Nasdaq Capital Market minimum bid price requirement. The Company
can cure this deficiency if the closing bid price of its common
stock is $1.00 per share or higher for at least ten consecutive
business days during the grace period. In the event the Company
does not regain compliance within the 180-day grace period and it
meets all other listing standards and requirements, the Company may
be eligible for an additional 180-day grace period.
The Company intends to cure the deficiency
within the prescribed grace period. During this time, the Company's
common stock will continue to be listed and trade on the Nasdaq
Capital Market. The Company's business operations are not affected
by the receipt of the notification.
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 modern
fleet of 10 Capesize vessels, with a cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of about 10.3
years.
The Company is incorporated in the Marshall
Islands with 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
Forward-Looking Statements
This 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. 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 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 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 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 Csepregi230 Park Avenue
Suite 1536New York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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