Seanergy Maritime Holdings Corp. Announces Pricing of $14.3 Million Underwritten Public Offering
May 09 2019 - 8:08AM
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP)
announced today the pricing of an underwritten public offering of
4,200,000 units at a price of $3.40 per unit. Each unit consists of
one common share (or one pre-funded warrant in lieu thereof), one
Class B warrant to purchase one common share and one Class C
warrant to purchase one common share. The Class B warrants are
expected to begin trading on the Nasdaq Capital Market on or around
May 10, 2019, or as soon thereafter as practicable, under the
symbol “SHIPZ.” The gross proceeds of the offering to the Company,
before underwriting discounts and commissions and estimated
offering expenses, are expected to be approximately $14.3 million.
The Company intends to use the net proceeds of the offering for
general corporate purposes.
Each Class B warrant is immediately exercisable
for one common share at an exercise price of $3.74 per share and
will expire three years from issuance and each Class C warrant is
immediately exercisable for one common share at an exercise price
of $3.74 per share and will expire six months from issuance. The
offering is expected to close on or about May 13, 2019, subject to
customary closing conditions.
Maxim Group LLC is acting as sole book-running
manager in connection with the offering.
The Company has also granted the underwriter a
45-day option to purchase up to an additional 630,000 shares of
common stock or pre-funded warrants, 630,000 Class B warrants
and/or 630,000 Class C warrants, at the public offering price less
discounts and commissions.
The offering is being conducted pursuant to the
Company's registration statement on Form F-1 (File No. 333-221058)
previously filed with and subsequently declared effective by the
Securities and Exchange Commission ("SEC"). A prospectus relating
to the offering will be filed with the SEC and will be available on
the SEC's website at http://www.sec.gov. Electronic copies of the
prospectus relating to this offering, when available, may be
obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New
York, NY 10174, at (212) 895-3745.
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
registration or qualification of these securities 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 modern
fleet of 10 Capesize vessels, with a cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of
approximately 10 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 trade under
"SHIPW" and its Class B warrants are expected to trade 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 Csepregi 230 Park Avenue Suite 1536 New
York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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