Business
Seanergy Maritime Announces Completion of Recent Initiatives to Increase Shareholders’ Value and Special Meeting of Shareholders on February 7, 2023
Highlights of successfully completed initiatives in 2023 to date: Buyback of $8 million of Convertible NotesBuyback of Warrants to purchase 4 million
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"Highlights of successfully completed initiatives in 2023 to date: Buyback of $8 million of Convertible NotesBuyback of Warrants to purchase 4 million sharesElimination of potential dilution by 10.7 million shares Securities buybacks of $35.5 million since December 2021CEO open market purchases of 300,000 sharesSpecial General Shareholders Meeting on February 7, 2023, to approve a reverse stock split GLYFADA, Greece, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today an aggregate of $8.8 million of buybacks of its securities consisting of: (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 Class E Warrants to purchase an equal number of shares at an exercise price of $0.524 per share. Moreover, Seanergy’s Chairman & CEO, Stamatis Tsantanis, has since August 2022 purchased 300,000 of the Company’s common shares in the open market. The Company has also announced today that a Special General Shareholders Meeting will be held on February 7, 2023,to vote on a reverse stock split of its common shares at a ratio of not less than 1:8 and not more than 1:12. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “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 ...