Seanergy Maritime Holdings Corp. Regains Compliance with Nasdaq Minimum Bid Price Requirement

Rhea-AI Summary

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced it has regained compliance with Nasdaq Listing Rule 5550(a)(2) regarding the minimum bid price of its common stock. The Nasdaq confirmed that this matter is now resolved. Upon its latest vessel acquisition in early August 2020, Seanergy will operate a fleet of 11 Capesize vessels, averaging 11.5 years old, with a combined cargo capacity of approximately 1,926,117 dwt. The company emphasizes its unique position as a pure-play Capesize ship-owner listed in the US.

Positive

• Regained compliance with Nasdaq Listing Rule 5550(a)(2), ensuring continued listing.
• Upcoming acquisition will expand fleet to 11 Capesize vessels, enhancing operational capacity.

Negative

• None.

ATHENS, Greece, July 15, 2020 (GLOBE NEWSWIRE) -- Seanergy Maritime Holdings Corp. (the “Company”) (NASDAQ: SHIP) announced today that The Nasdaq Stock Market has confirmed that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2) concerning the minimum bid price of the Company’s common stock. The matter is now considered closed.

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 modern fleet of Capesize vessels. Upon delivery of the latest acquisition of the Company, which is scheduled for the first week of August 2020, Seanergy's operating fleet will consist of 11 Capesize vessels with an average age of 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 and an office in Hong Kong. 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.
Judit Csepregi
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

FAQ

What is the current status of Seanergy Maritime Holdings' Nasdaq listing?

Seanergy Maritime Holdings has regained compliance with Nasdaq Listing Rule 5550(a)(2), ensuring its continued listing.

How many vessels will Seanergy Maritime operate after its upcoming acquisition?

After the acquisition, Seanergy Maritime will operate a fleet of 11 Capesize vessels.

What is the average age of Seanergy Maritime's fleet?

The average age of Seanergy Maritime's fleet is 11.5 years.

What is the cargo capacity of Seanergy Maritime's fleet?

The total cargo carrying capacity of Seanergy Maritime's fleet will be approximately 1,926,117 dwt.

What does it mean for Seanergy Maritime to be a pure-play Capesize ship-owner?

Being a pure-play Capesize ship-owner means that Seanergy Maritime focuses exclusively on operating Capesize vessels for marine dry bulk transportation.