GLYFADA,
(i)$8 million of its outstanding convertible note with 5.5% coupon and a conversion price of$1.20 per share (the 'Note'), pursuant to the terms of the Note, and
(ii)$0.8 million in 4,038,114 warrants at$0.2 per warrant, pursuant to the recently completed tender offer. The repurchased securities represent approximately 47% of the outstanding ClassE Warrants to purchase an equal number of shares at an exercise price of$0.524 per share.
Highlights of successfully completed initiatives in 2023 to date:
Buyback of
Buyback of Warrants to purchase 4 million shares
Elimination of potential dilution by 10.7 million shares
Securities buybacks of
CEO open market purchases of 300,000 shares
Special General Shareholders Meeting on
Moreover, Seanergy's Chairman & CEO,
The Company has also announced today that a Special General Shareholders Meeting will be held on
'The additional buybacks we completed recently are another example of our shareholder rewarding initiatives that we have implemented successfully over the last 12 months. We have addressed decisively the legacy overhang on our share price, whilst generating savings in interest expenses. We continuously demonstrate our strong commitment to enhancing value for our shareholders.
'I have also accelerated my own open market purchases of Seanergy's shares, with strong confidence in our Company's prospects and the industry's fundamentals, and I intend to continue demonstrating my support this way going forward.
'Concerning the reverse stock split proposal, the trading of our shares below or around Nasdaq's minimum bid price levels is considered restrictive for certain larger investors that could otherwise invest in Seanergy. In addition to ensuring Nasdaq's listing standards are met, we believe that eliminating trading uncertainties and consolidating the outstanding number of our common stock will be very beneficial for our shareholders and will also increase the investor outreach for our stock attracting fundamental, longer-term shareholders.
'We are excited to move forward stronger after addressing share-price related overhang and in conjunction with our significant recent progress in returning capital to our shareholders. This is attested by the
Buyback of Convertible Notes
On
Buyback of Class
Pursuant to the Tender Offer that was launched on
Open Market Purchases by the CEO
Seanergy's Chairman & CEO,
Summary of Repurchases:
The following table summarizes the Company's repurchases of its securities and the price paid per share (including shares underlying convertible securities) since
Purchase price Price per share Shares Month Executed
Warrants$1,023,136 $0.939 ** 4,285,714* Dec '21
Note 1$200,000 $1.20 166,666* Dec '21
Note 3$13,750,000 $1.20 11,458,333* Dec '21
Common Shares$1,690,916 $0.993 1,702,103 Nov-Dec '21
Note 2$5,000,000 $1.20 4,166,667* Jan '22
Note 2$5,000,000 $1.20 4,166,667* Mar '22
Warrants$807,623 $0.724 *** 4,038,114* Jan '23
Note 2$8,000,000 $1.20 6,666,667* Jan '23
Total / Average$35,471,675 36,650,931
*Not issued: shares underlying convertible securities
**Including
***Including
Special General Meeting of Shareholders
Seanergy will hold a special general meeting of shareholders (the 'Meeting') at its executive offices at
The reverse stock split is intended to bring the Company into compliance with the minimum bid price requirement for maintaining its listing on the
Additionally, a number of institutional investors and investment funds are reluctant to invest, and in some cases may be prohibited from investing, in lower-priced stocks and brokerage firms are reluctant to recommend lower-priced stocks to their clients. By effecting a reverse stock split, the Company believes that it may be able to raise its Common Share price to a level where its Common Shares could be viewed more favorably by potential investors. As such, the consolidation of the shares will prove beneficial for the Company and its shareholders.
About
The Company is incorporated in the Republic of the
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
For further information please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital
Paul Lampoutis
230 Park Avenue Suite 1536
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
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