Seanergy Maritime (SHIP) Prices 35.7M Unit Offering at $0.70/Unit

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP), announced today the pricing of an underwritten offering of 35,714,286 units. Each unit consists of one common share (or pre-funded warrant in lieu of one common share) and one Class E warrant to purchase one common share, and will immediately separate on issuance. The public offering price of each unit is $0.70 (or $0.69 for a unit including a pre-funded warrant). Gross proceeds before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $25.0 million. The offering is expected to close on or about August 20, 2020, subject to customary closing conditions.

The Class E warrants will be immediately exercisable at a price of $0.70 per common share and will expire five years from the date of issuance. A public market for the pre-funded warrants or Class E Warrants is not expected to be established or to develop.

Maxim Group LLC is acting as sole book-running manager and representative of the underwriters, and Fearnley Securities is acting as lead manager for the offering.

The Company also has granted to the representative of the underwriters a 45-day option to purchase up to an additional 5,357,142 common shares and/or pre-funded warrants and/or Class E warrants to purchase up to 5,357,142 common shares, at the public offering price less discounts and commissions.

The Company, all of its executive officers and directors, and certain affiliates have entered into lock-up agreements with the underwriters, pursuant to which these persons may not, without the prior written approval of the representatives to the underwriters, offer, sell, contract to sell or otherwise dispose of or hedge common shares or securities convertible into or exchangeable for common shares, subject to certain exceptions. These restrictions will be in effect for a period of 120 days after the date of the closing of this offering.

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