Seanergy Maritime Holdings Corp. Announces Open-Market Stock Purchase Plan by the CEO and Additional Shareholder Updates
September 10 2020 - 9:00AM
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (“Seanergy” or the
“Company”) announced today that its Chairman and Chief Executive
Officer, Mr. Stamatis Tsantanis, intends to purchase an aggregate
of up to 500,000 common shares of the Company in the open market.
In addition, for at least the next 12 months, Mr. Tsantanis does
not intend to sell any newly acquired shares of the Company or any
of the shares he currently holds, which were acquired in previous
years.
Stamatis Tsantanis, Seanergy’s Chairman
& Chief Executive Officer, stated: “My intention to
purchase Seanergy’s shares reflects my strong confidence in the
Company and its fundamentals. Notwithstanding the challenging
environment of the first half of 2020, as discussed in our recent
announcements, we have achieved notable transactions associated
with fleet expansion and debt reduction. Further developments
regarding ongoing discussions with certain of our creditors are
expected to be announced soon. Seanergy is well positioned to
navigate in an improved market environment.”
In addition, it is the Company’s intention not
to initiate any public equity offerings until March 2021, nor to
implement any reverse stock splits prior to that date. Lastly,
regarding the Class E warrants that were issued pursuant to the
Company’s $25.0 Million underwritten public offering that closed on
August 20, 2020, the Company’s Board of Directors does not intend
to exercise its option, pursuant to the terms of the warrants, to
adjust the original exercise price of $0.70 per share downwards.
Notwithstanding the Company’s current intentions, the Board of
Directors will continue to evaluate all available strategic
alternatives, which may include stock issuances to the Company’s
creditors as a means of addressing maturing debt instruments, based
on market conditions and other factors which may arise in the
future.
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. 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 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. Daniela Guerrero230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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