Seanergy Maritime Holdings Corp. - SHIPW STOCK NEWS

On August 1, 2022, Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) received a notification from Nasdaq about non-compliance with the minimum bid price requirement of $1.00 per share over 30 consecutive business days. The grace period to regain compliance is 180 days, ending January 30, 2023. The company intends to monitor its stock price and is exploring options to comply. Despite this notification, Seanergy's business operations remain unaffected, and its common stock will continue trading on Nasdaq during this period.

Seanergy Maritime Holdings Corp. (Ticker: SHIP) will release its financial results for Q2 and six months ended June 30, 2022, on August 4, 2022, before the NY market opens. A conference call with management will follow at 10:00 a.m. ET, where they will discuss the results. Seanergy operates 17 Capesize vessels with an average age of 12 years and an aggregate cargo capacity of approximately 3,020,012 dwt. The Company is incorporated in the Marshall Islands and has its executive offices in Greece.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced the delivery of the Capesize vessel M/V Honorship, which has begun a time-charter with NYK Line for 20 to 24 months. The acquisition was financed through cash and new loans. Additionally, the company secured a $38 million sustainability-linked loan and a $21 million loan for the M/V Dukeship with favorable terms. These developments enhance fleet operations and sustainability efforts, reflecting confidence from creditors. The fleet remains fully under period employment, primarily on index-linked charters.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) has successfully completed the spin-off of its wholly-owned subsidiary, United Maritime Corporation, effective July 5, 2022. Shareholders received one United share for every 118 Seanergy shares held as of June 28, 2022. Fractional shares will be aggregated and sold, with net proceeds distributed to eligible shareholders. Seanergy operates a fleet of 17 Capesize vessels with a cargo capacity of approximately 3,020,012 dwt. More details are available in United's registration statement filed with the SEC.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced a new share repurchase plan allowing for up to $5 million in buybacks. CEO Stamatis Tsantanis is set to purchase an additional 500,000 shares, reflecting confidence in the company’s value. In the past seven months, Seanergy executed two buyback plans totaling $26.7 million. The new plan is effective immediately and will run until December 31, 2023. The company's strategic moves aim to enhance shareholder value and capitalize on the positive outlook of the Capesize market.

Seanergy Maritime Holdings Corp. announced the approval of United Maritime Corporation's listing on the Nasdaq Capital Market. The registration statement for United's spin-off from Seanergy has been declared effective by the SEC. Seanergy shareholders will receive one United common share for every 118 Seanergy shares held by June 28, 2022. The distribution is expected around July 5, 2022, with United shares commencing standalone trading afterward. Seanergy, the only pure-play Capesize ship-owner publicly listed in the US, will continue operating a fleet of 17 Capesize vessels after the spin-off.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced the acquisition of a modern Capesize vessel from a major Japanese company, set to replace the older M/V Gloriuship. The new vessel, to be named M/V Honorship, has a deadweight capacity of approximately 180,000 tons and is expected to be delivered in June 2022. The acquisition will enhance Seanergy's fleet age and operating margins. The vessel will be chartered at a premium rate over the Baltic Capesize Index for 20-24 months with NYK Lines, ensuring stable revenue for the company.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced plans for a spin-off of its oldest Capesize vessel, M/V Gloriuship, into a new subsidiary, United Maritime Corporation. The spin-off aims to enhance shareholder value by providing a diversified shipping investment model. Shareholders on record as of June 28, 2022, will receive United shares based on their holdings, with a distribution date around July 5, 2022. The common shares of United are expected to trade under the ticker 'USEA'. The transaction is subject to regulatory approvals.

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) reported strong Q1 2022 results with net revenues of $29.7 million, a 46% increase from Q1 2021. Net income reached $3.7 million, up from a loss of $1.3 million year-over-year. Adjusted EBITDA surged 113% to $16.8 million. The company declared a quarterly dividend of $0.025 per share and engaged in buybacks totaling $10 million for convertible notes. TCE rates increased to $19,357 per day, signaling a positive outlook. Cash and cash equivalents were $38.9 million as of March 31, 2022, showcasing solid liquidity.