Seanergy Maritime Holdings Corp. Announces Receipt of Nasdaq Notice

Rhea-AI Summary

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has received notification from Nasdaq regarding non-compliance with the minimum bid price requirement of $1 per share. This follows a 30-day period where the stock price was below the threshold. The Company has until March 29, 2021, to regain compliance, with the possibility of an additional grace period if necessary. Despite this situation, Seanergy's business operations remain unaffected, and the stock will continue to trade on Nasdaq during this period.

Positive

• Company's operations remain unaffected despite Nasdaq notification.
• Intention to cure the stock price deficiency within the grace period.

Negative

• Current stock price is below Nasdaq's minimum $1 requirement.
• Potential delisting if compliance is not achieved within the grace period.

ATHENS, Greece, Oct. 02, 2020 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (“Seanergy” or the “Company”) announced today that it has received written notification from The Nasdaq Stock Market (“Nasdaq”) dated September 30, 2020, indicating that because the closing bid price of the Company’s common stock for 30 consecutive business days, from August 18, 2020 to September 29, 2020, was below the minimum $1.00 per share bid price requirement for continued listing on the Nasdaq Capital Market, the Company is not in compliance with Nasdaq Listing Rule 5550(a)(2). Pursuant to the Nasdaq Listing Rule 5810(c)(3)(A), the applicable grace period to regain compliance is 180 days, or until March 29, 2021.

The Company intends to monitor the closing bid price of its common stock between now and March 2021 and is considering its options, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement. The Company can cure this deficiency if the closing bid price of its common stock is $1.00 per share or higher for at least ten consecutive business days during the grace period. In the event the Company does not regain compliance within the 180-day grace period and it meets all other listing standards and requirements, the Company may be eligible for an additional 180-day grace period.

The Company intends to cure the deficiency within the prescribed grace period. During this time, the Company's common stock will continue to be listed and trade on the Nasdaq Capital Market. The Company's business operations are not affected by the receipt of the notification.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a fleet of 11 Capesize vessels with an average age of about 11.5 years and aggregate cargo carrying capacity of approximately 1,926,117 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Athens, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP", its Class A warrants under "SHIPW" and its Class B warrants under “SHIPZ”.

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 the United States; and other factors listed from time to time in the Company's filings with the SEC, including its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, 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:

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

FAQ

What is the current stock price situation for Seanergy Maritime Holdings (SHIP)?

Seanergy's stock price has been below the $1 minimum bid requirement for 30 consecutive business days, prompting a notification from Nasdaq.

What is the grace period for Seanergy Maritime Holdings to regain compliance?

Seanergy has a 180-day grace period until March 29, 2021, to meet the $1 minimum bid price requirement.

What happens if Seanergy does not regain compliance within the grace period?

If Seanergy fails to regain compliance, it may face delisting, although it could be eligible for an additional 180-day grace period.

Are Seanergy Maritime Holdings' business operations impacted by the Nasdaq notification?

No, Seanergy's business operations are not affected by the notification regarding stock price compliance.

What are the stock symbols for Seanergy Maritime Holdings?

Seanergy's common shares trade under the symbol 'SHIP', its Class A warrants under 'SHIPW', and its Class B warrants under 'SHIPZ'.