Seanergy Maritime Holdings Corp. has entered into a securities purchase agreement with certain unaffiliated institutional investors to purchase approximately $5.2million of its common shares in a registered direct offering and warrants to purchase Common Shares in a concurrent private placement, the company said in its release.
Under the terms of the securities purchase agreement, the Company has agreed to sell 43,350,000 Common Shares. In a concurrent private placement, the Company has agreed to issue warrants to purchase up to 43,350,000 Common Shares.
The warrants will be exercisable upon issuance and have an exercise price of $0.12per share. The warrants will expire 5years from the issuance date. The purchase price for one Common Share and a corresponding warrant will be $0.12. The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $5.2million before deducting the placement agent’s fees and other estimated offering expenses.
The registered direct offering and concurrent private placement are expected to close on or about May7, 2020, subject to the satisfaction of customary closing conditions.Maxim Group LLC is actingas sole placement agent for the offering.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is the only pure-play Capesizeship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of approximately 11 years. 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 itsClass B warrants under “SHIPZ”.