Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”)
(NASDAQ: SHIP) announced today that the Board of Directors has
authorized an additional share repurchase plan (the “Plan”), under
which the Company may repurchase up to $5 million of its
outstanding common shares, convertible notes or warrants.
Moreover, the Company’s CEO, Mr. Stamatis
Tsantanis, intends to purchase an additional aggregate of up to
500,000 common shares of the Company in the open market.
Within the last 7 months, the Company has
already completed two repurchase plans totalling $26.7 million that
were utilised for buybacks of its common shares, convertible notes
and warrants.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“Our management and board of directors believe
that our current share price is significantly undervalued.
Considering this, we feel that authorizing a share buyback is now a
well-timed capital allocation decision.
“In addition, I intend to buy an additional
500,000 of Seanergy’s common shares in the open market on top of my
previous open-market purchases, which reflects my strong confidence
in the Company, its fundamentals and the Capesize market.
“Over the last 18 months, we have concluded a
series of significant transactions, resulting in a great fleet of
high-quality Capesize vessels and a solid balance sheet position.
The Company is optimally positioned to capitalise on the strong
outlook of our sector.”
The Plan
The Company may repurchase common shares in
open-market transactions pursuant to Rule 10b-18 of the Securities
Exchange Act of 1934, as amended, or pursuant to a trading plan
adopted in accordance with Rule 10b5‐1 of the Securities Exchange
Act of 1934.
Any repurchases pursuant to the Plan will be
made at management’s discretion at prices considered to be
attractive and in the best interests of both the Company and its
shareholders, subject to the availability of stock, general market
conditions, the trading price of the stock, alternative uses for
capital, applicable securities laws and the Company’s financial
performance. The Plan may be suspended, terminated, or modified at
any time for any reason, including market conditions, the cost of
repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The Plan does not obligate the Company to purchase any
of its shares, and the Company may repurchase other outstanding
securities of the Company, including its outstanding convertible
notes or warrants, under the Plan. The Board of Directors’
authorization of the Plan is effective immediately and expires on
December 31, 2023.
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 Capesize vessels. Upon completion of the
previously-announced spin-off and vessel acquisition, the Company's
operating fleet will consist of 17 Capesize vessels with an average
age of approximately 12 years and aggregate cargo carrying capacity
of approximately 3,020,012 dwt.
The Company is incorporated in the Marshall
Islands and has executive offices in Glyfada, Greece. The Company's
common shares trade on the Nasdaq Capital Market under the symbol
“SHIP”.
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, including statements
regarding the anticipated spin-off of United. 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 impact of
regulatory requirements or other factors on the Company’s ability
to consummate the proposed spin-off; 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; broader
market impacts arising from war (or threatened war) or
international hostilities, such as between Russia and Ukraine;
risks associated with the length and severity of the ongoing novel
coronavirus (COVID-19) outbreak, including its effects on demand
for dry bulk products and the transportation thereof; 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:
Seanergy Investor RelationsTel: +30 213 0181 522E-mail:
ir@seanergy.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail:
seanergy@capitallink.com
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