Business
Seanergy Maritime Announces Share Capital Accretion Plan and Open Market Stock Purchases by the CEO
Highlights of Strategic Initiatives: New 2-year buyback program of up to $25 million authorized by the Board of Directors representing up to 18% of our
About this update from Seanergy Maritime Holdings Corp.
[{"type":"text","content":"Highlights of Strategic Initiatives: New 2-year buyback program of up to $25 million authorized by the Board of Directors representing up to 18% of our current share capital1 Successfully completed three previous buyback programs of $32 million, repurchasing $28.3 million of common shares, convertible notes, and warrants2. Buyback of all remaining outstanding convertible notes within 4Q2023 Total buyback of convertible notes of $35.1 million in the last 2 years3. $1 million in additional open-market purchases by the CEO, intended to be effected within 4Q2023 and FY2024 CEO has already completed $1.1 million of open market purchases of Seanergy’s common shares in 2023 to date. $30 million ATM program, which may be utilized to raise cash proceeds for general corporate purposes, including to partially fund the buyback of securities with the goal of preserving the Company’s robust liquidity reserves ATHENS, Greece, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company” or “Seanergy”) (NASDAQ: SHIP) announced today that the Board of Directors of the Company (“BOD”) has authorized a new $25 million buyback program (the “Plan”) which can be utilized to repurchase the Company’s common shares and other securities. The Company will also fully repay its last remaining convertible note (the “Note”) pursuant to the terms of the Note. The Note bears a 5.5% coupon, it is the last from a series of convertible notes with aggregate original notional amount of $38.7 million and $3.2 million face value remains outstanding. The full repayment of the Note will preempt potential dilution upon conversion of the Note. Seanergy has, since August 2021, initiated three buyback programs of $32 million which were successfully utilized as follows: Plan / AmountAuthorizedExpirySecurities repurchased Common SharesConvertible NotesWarrants1 ($17 million)Aug '21Dec '21$1,708,163$13,950,000$1,023,1362 ($10 million)Dec '21Dec '22 $10,000,000 3 ($5 million)Jun '22Dec '23$1,582,664 Total:$3,290,827$23,950,000$1,023,136 Moreover, outside the scope of the above buyback programs, the Company has: repurchased $0.81 million of outstanding warrants in January 2023 through a tender offer that was launched in November 2022, andrepaid $8 million of convertible notes in January 2023, under a scheduled repayment pursuant to the terms of the Note. The ...