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United Maritime Declares Special Cash Dividend of $1.00 Per Share
GLYFADA, Greece, Nov. 29, 2022 (GLOBE NEWSWIRE) -- United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced today that its board of
About this update from United Maritime Corporation
[{"type":"text","content":"GLYFADA, Greece, Nov. 29, 2022 (GLOBE NEWSWIRE) -- United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced today that its board of directors has declared a special cash dividend of $1.00 per common share in connection with the recent profitable sale of the M/T Bluesea and M/T Parosea (the “Vessels”). The dividend is payable on or about January 10, 2023 to the common shareholders of record as of December 12, 2022. The Vessels were delivered to the Company in August 2022 and subsequently sold to an unaffiliated third party at a significant premium. The M/T Parosea was delivered to her new owners on November 8, 2022, and the delivery of the M/T Bluesea is expected to be completed in early December 2022. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: “We are very pleased to announce a special cash dividend of $1.00 per share, which represents approximately 33% of United’s market cap as of November 28, 2022. The special dividend follows the completion of two significant buyback programs that reduced the outstanding shares of the Company by about 25%, creating additional accretion. This distribution is fully consistent with a strategy of rewarding our shareholders upon monetization of certain investments, when deemed appropriate by our board of directors in accordance with our dividend policy. Our cash position remains strong, exceeding $4.3 per share after the dividend distribution and other corporate transactions announced in our recent earnings release. We will continue to pursue transactions that will grow United Maritime and are expected to deliver significant returns to the Company.” About United Maritime Corporation United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. Following delivery of the M/T Bluesea to its new owners, the Company’s fleet will consist of two tanker vessels and one dry bulk vessel with an aggregate cargo carrying capacity of approximately 389,778 dwt. The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “USEA”. Please visit the Company’s website at: www.unitedmaritime.gr Forward-Looking Statements The dividend referred to in th...