Seanergy Maritime announced today that its Chairman and Chief Executive Officer, Mr.
Stamatis Tsantanis, intends to purchase an aggregate of up to 500,000 common shares of the Company in the open market. In addition, for at least the next 12 months, Mr. Tsantanis does not intend to sell any newly acquired shares of the Company or any of the shares he currently holds, which were acquired in previous years.
Stamatis Tsantanis, Seanergy’s Chairman & Chief Executive Officer, stated: “My intention to purchase Seanergy’s shares reflects my strong confidence in the Company and its fundamentals. Notwithstanding the challenging environment of the first half of 2020, as discussed in our recent announcements, we have achieved notable transactions associated with fleet expansion and debt reduction. Further developments regarding ongoing discussions with certain of our creditors are expected to be announced soon. Seanergy is well positioned to navigate in an improved market environment.”
In addition, it is the Company’s intention not to initiate any public equity offerings until March 2021, nor to implement any reverse stock splits prior to that date. Lastly, regarding the Class E warrants that were issued pursuant to the Company’s $25.0 Million underwritten public offering that closed on August 20, 2020, the Company’s Board of Directors does not intend to exercise its option, pursuant to the terms of the warrants, to adjust the original exercise price of $0.70 per share downwards. Notwithstanding the
Company’s current intentions, the Board of Directors will continue to evaluate all available strategic alternatives, which may include stock issuances to the Company’s creditors as a means of addressing maturing debt instruments, based on market conditions and other factors which may arise in the future.