Seanergy Maritime Holdings Corp. Announces Receipt of Nasdaq Notice
May 07 2013 - 4:05PM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
announced today that it has received written notification from the
Nasdaq Capital Market ("Nasdaq or the "Capital Market"), dated May
1, 2013, indicating that the Company is not in compliance with the
requirement to maintain a minimum of $2.5 million in stockholders'
equity for continued listing on the Capital Market, pursuant to
Nasdaq Listing Rule 5550(b)(1). The Company reported stockholders'
equity of ($101,617,000) for the fiscal year ended December 31,
2012.
In addition, as of April 30, 2013, the Company did not meet the
alternative standards for continued listing, including a market
value of listed securities of at least $35 million, pursuant to
Nasdaq Listing Rule 5550(b)(2), or net income from continuing
operations of at least $500,000, pursuant to Nasdaq Listing Rule
5550(b)(3).
In order to cure this deficiency, the Company must submit a plan
to Nasdaq to regain compliance by June 17, 2013. If the plan is
accepted by Nasdaq, the Company may be granted a grace period to
regain compliance of up to 180 days from the date of this letter,
expiring on or before October 28, 2013.
The Company intends to submit a plan to Nasdaq to regain
compliance with the continued listing standards of the Capital
Market.
This notification has no effect on the listing status of the
Company's common stock at this time.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a Marshall Islands corporation
with its executive offices in Athens, Greece. The Company is
engaged in the transportation of dry bulk cargoes through the
ownership and operation of dry bulk carriers.
As of today, the Company's fleet consists of 7 drybulk carriers
(two Panamax, two Supramax, and three Handysize vessels) with a
total carrying capacity of approximately 326,255 dwt and an average
fleet age of 13.5 years.
The Company's common stock trades on the NASDAQ Capital Market
under the symbol "SHIP."
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 and the Company's growth strategy and measures to implement
such strategy. Words such as "expects," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations of
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that such
expectations will prove to have been correct, 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 scope and timing of
Securities and Exchange Commission ("SEC") and other regulatory
agency review, competitive factors in the market in which the
Company operates; risks associated with operations outside the
United States; and other factors listed from time to time in the
Company's filings with the SEC. The Company's filings can be
obtained free of charge on the SEC's website at www.sec.gov. 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: Investor Relations /
Media Capital Link, Inc. Paul Lampoutis 230 Park Avenue Suite
1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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