Seanergy Maritime Holdings Corp. Announces Pricing of Approximately $6.1 Million Offering
April 20 2020 - 9:00AM
Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP)
announced today that it has entered into a securities purchase
agreement with certain unaffiliated institutional investors to
purchase approximately $6.1 million of its common shares (the
“Common Shares”) in a registered direct offering and warrants to
purchase Common Shares in a concurrent private placement.
Under the terms of the securities purchase
agreement, the Company has agreed to sell 50,750,000 Common Shares.
In a concurrent private placement, the Company has agreed to issue
warrants to purchase up to 50,750,000 Common Shares. The warrants
will be exercisable upon issuance and have an exercise price of
$0.12 per share. The warrants will expire 5 years from the issuance
date. The purchase price for one Common Share and a corresponding
warrant will be $0.12. The gross proceeds to the Company from the
registered direct offering and concurrent private placement are
estimated to be approximately $6.1 million before deducting the
placement agent’s fees and other estimated offering expenses. The
registered direct offering and concurrent private placement are
expected to close on or about April 22, 2020, subject to the
satisfaction of customary closing conditions.
In addition, effective on the closing of the
offering, the Company’s Board of Directors has determined, pursuant
to the terms of the Company’s outstanding Class D Warrants issued
on April 2, 2020, to reduce the exercise price of the Class D
Warrants from $0.17 to $0.12.
Maxim Group LLC is acting as sole placement
agent for the offering.
The Common Shares being sold pursuant to the
registered direct offering are being sold pursuant to a shelf
registration statement on Form F-3 (File No. 333-226796),
previously filed with the Securities and Exchange Commission (the
“SEC”) on August 10, 2018, as amended, and declared effective on
August 17, 2018. Such securities are being offered only by means of
a prospectus. A prospectus supplement and the accompanying
prospectus relating to and describing the terms of the registered
direct offering will be filed with the SEC. The warrants sold in
the concurrent private placement, along with the Common Shares
underlying such warrants, have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”) and are
offered pursuant to an exemption from the registration requirements
of Section 5 of the Securities Act contained in Section 4(a)(2)
thereof and/or Regulation D promulgated thereunder. When available,
copies of the prospectus supplement and the accompanying prospectus
relating to the registered direct offering may be obtained at the
SEC’s website at www.sec.gov or by contacting 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 any securities, 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 modern
fleet of 10 Capesize vessels, with a cargo-carrying capacity of
approximately 1,748,581 dwt and an average fleet age of
approximately 11 years. 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
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. 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 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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