Seanergy Maritime Holdings Corp. Announces the Results of its Successful Recent Capital Raising Transactions
May 08 2020 - 9:00AM
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (“SHIP” or the
“Company”) today announced the results of its successful recent
capital raising transactions.
In recent weeks, SHIP has undertaken a series of
equity raisings beginning with an underwritten public offering
which priced on March 31, 2020. Through this capital markets
activity, the Company has raised approximately $30 million in gross
proceeds. Based on this positive outcome, it is SHIP’s intention to
pause its capital markets participation for the near term, although
the Company will continue to monitor market activity in the
future.
Stamatis Tsantanis, SHIP’s Chairman
& Chief Executive Officer, stated:
“We are pleased to announce the successful
closing of our most recent registered direct offering, which
represents the culmination of our recent capital raising
transactions. As a result of strong institutional interest, we
raised more than $30 million and have further strengthened our
balance sheet. This capital is highly accretive to our net asset
value.”
“Our sector is emerging from a period of
historical low rates, and as a result of our capital raising
program, we believe Seanergy is in a strong position to capitalize
on the improving market fundamentals.”
Following SHIP’s capital markets activity since
the end of March, SHIP’s pro-forma capitalization table is as
follows:
(amounts in thousands USD) |
Actual (31 Dec 2019) (audited) |
Pro-Forma (7 May 2020) (unaudited) |
Debt: |
|
|
Long-term debt (1) |
207,303 |
201,018 |
Convertible promissory notes (2) |
14,608 |
14,608 |
Total debt |
221,911 |
215,626 |
|
|
|
|
|
Total Shareholder’s equity (3) |
29,858 |
57,598 |
Total capitalization (4) |
251,769 |
273,224 |
|
|
|
|
|
(1) |
|
Includes arrangement fees and various deferred charges and excludes
all convertible promissory notes. |
(2) |
|
Includes $3.4 million of the total outstanding $38.7 million in
convertible promissory notes that are classified under liabilities
in accordance with the beneficial conversion feature guidance of
U.S. GAAP. The balance of $11.2 million is the net non-cash
amortization in accordance with the beneficial conversion feature
guidance of U.S. GAAP. |
(2) |
|
Includes $35.3 million of the total outstanding $38.7 million in
convertible promissory notes that are classified under equity in
accordance with the beneficial conversion feature guidance of U.S.
GAAP. |
(2) |
|
Does not give any effect to the potential future exercise of
warrants issued in the recent transaction or other outstanding
warrants. |
|
|
|
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.
Cautionary Note Regarding
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. Judit Csepregi 230 Park
Avenue Suite 1536 New York, NY 10169 Tel: (212) 661-7566 E-mail:
seanergy@capitallink.com
Seanergy Maritime (NASDAQ:SHIP)
Historical Stock Chart
From Aug 2024 to Sep 2024
Seanergy Maritime (NASDAQ:SHIP)
Historical Stock Chart
From Sep 2023 to Sep 2024