Seanergy Maritime: Completion of $ 17 million stock and bond repurchase program

Seanergy Maritime Holdings Corp. announced today the completion of a $ 17 million repurchase program to write off two convertible bonds, all of the remaining Warrants, and the repurchase of common stock.

In addition, Mr. Stamatis Tsantanis, President and CEO of the company made purchases from the stock exchange of 300,000 shares of the company.

Finally, the Board of Directors approved $ 10 million for an additional plan to repurchase ordinary shares, Bonds and even Warrants.

Bonds

More specifically, Seanergy will repurchase and eliminate Bonds with a total balance of $ 13.95 million, at face value without any prepayment costs. The prepayment is expected to take place on December 10, 2021.

Based on the conversion price of $ 1.20 per share, the company avoids a possible dilution of 11.63 million shares. In addition, as the bonds carry a 5.5% annual coupon, the company will save $ 767,250 in interest annually, and a total annual credit of $ 2.9 million in its results for the coming years.

Warrants

Seanergy will also buy a full 4.3 million Warrants for $ 1,023,136, or $ 0.239 per share. With this repurchase, the company avoids further possible dilution of 4.3 million shares.

Common Shares

To date, the company has repurchased 1,595,803 common stock at an average price of approximately $ 0.998 per share.

Mr. Stamatis Tsantanis, President and CEO of the Company, stated: “The completion of this repurchase program prevents a possible dilution of our shareholders’ participation in the Company by converting old bonds and warrants into shares, saves significant interest, interest and interest. value to our shareholders.

Also, Seanergy’s personal stock purchases will continue, as I have complete confidence in the Company and its fundamental dimensions.

“Seanergy’s increased fleet, combined with a strong balance sheet and significant liquidity, is expected to bring significant value to our shareholders.”