Seanergy Maritime Holdings Corp. Announces Pricing of Its $30 Million Common Stock Offering
January 29 2010 - 8:00AM
Marketwired
Seanergy Maritime Holdings Corp. (the "Company") (NASDAQ: SHIP)
(NASDAQ: SHIPW) today announced that it has priced its public
offering of 20,833,333 shares of common stock. The Company has
granted the representatives of the underwriters a 45-day option to
purchase up to an additional 3,125,000 shares of common stock to
cover over-allotments. The shares were offered to the public at
$1.20 per share. Four of the Company's major shareholders
affiliated with the Restis Group have committed to purchase an
additional 4,166,667 shares of common stock directly from the
Company at the public offering price. The offering is expected to
settle and close on February 3, 2010, subject to customary closing
conditions. Net proceeds from the offering are expected to be used
in conjunction with cash from operations and financing to be
obtained from the Company's bank to purchase a new vessel.
Maxim Group LLC and Rodman & Renshaw, LLC, a subsidiary of
Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), are acting
as the joint book-running managers and Chardan Capital Markets, LLC
is acting as co-manager for the offering. The offering will be made
only by means of a prospectus, copies of which may be obtained from
Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174, or by
calling 800-724-0761 or Rodman & Renshaw, LLC, 1251 Avenue of
the Americas, New York, NY 10020, or by calling 212-430-1710.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the 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 registration or qualification under the securities laws of any
such state or jurisdiction.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp., the successor to Seanergy
Maritime Corp., is a Marshall Islands corporation with its
executive offices in Athens, Greece. The Company is engaged in the
transportation of dry bulk cargoes through the ownership and
operation of dry bulk carriers.
The Company's initial fleet was comprised of two Panamax, two
Supramax and two Handysize dry bulk carriers which Seanergy
purchased and took delivery of the ships in the third and fourth
quarters of 2008 from companies associated with members of the
Restis family. In August 2009, the Company acquired a controlling
interest in Bulk Energy Transport (Holdings) Limited ("BET") which
owns five drybulk carriers, four Capesize and one Panamax.
As a result, the Company's current controlled fleet (excluding
the vessel to be acquired with the net proceeds of the offering)
includes 11 drybulk carriers (4 Capesize, 3 Panamax, 2 Supramax and
2 Handysize vessels) with a total carrying capacity of 1,043,296
dwt and an average age of 14 years.
The Company's common stock and warrants trade on the NASDAQ
Global Market under the symbols SHIP and SHIP.W, respectively.
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 and the Company's growth strategy and
measures to implement such strategy. Words such as "expects,"
"intends," "plans," "believes," "anticipates," "hopes,"
"estimates," and variations of such words and similar expressions
are intended to identify forward-looking statements. Although the
Company believes that such expectations will prove to have been
correct, 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 scope and
timing of SEC and other regulatory agency review, competitive
factors in the market in which the Company operates; risks
associated with operations outside the United States; and other
factors listed from time to time in the Company's filings with the
Securities and Exchange Commission. The Company's filings can be
obtained free of charge on the SEC's website at www.sec.gov. 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 Maritime
Holdings Corp. Dale Ploughman Chief Executive Officer Tel: +30 210
9638461 E-mail: ir@seanergymaritime.com Investor Relations / Media
Capital Link, Inc. Paul Lampoutis 230 Park Avenue Suite 1536 New
York, NY 10169 Tel. (212) 661-7566 E-mail:
seanergy@capitallink.com
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