Seanergy Maritime Holdings Corp. Announces Receipt of Nasdaq Notice
October 02 2020 - 5:00PM
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (“Seanergy” or the
“Company”) announced today that it has received written
notification from The Nasdaq Stock Market (“Nasdaq”) dated
September 30, 2020, indicating that because the closing bid price
of the Company’s common stock for 30 consecutive business days,
from August 18, 2020 to September 29, 2020, was below the minimum
$1.00 per share bid price requirement for continued listing on the
Nasdaq Capital Market, the Company is not in compliance with Nasdaq
Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rule
5810(c)(3)(A), the applicable grace period to regain compliance is
180 days, or until March 29, 2021.
The Company intends to monitor the closing bid
price of its common stock between now and March 2021 and is
considering its options, in order to regain compliance with the
Nasdaq Capital Market minimum bid price requirement. The Company
can cure this deficiency if the closing bid price of its common
stock is $1.00 per share or higher for at least ten consecutive
business days during the grace period. In the event the Company
does not regain compliance within the 180-day grace period and it
meets all other listing standards and requirements, the Company may
be eligible for an additional 180-day grace period.
The Company intends to cure the deficiency
within the prescribed grace period. During this time, the Company's
common stock will continue to be listed and trade on the Nasdaq
Capital Market. The Company's business operations are not affected
by the receipt of the notification.
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 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 Guerrero 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
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