Seanergy Maritime (SHIP) Prices 50.75M Share Offering at $0.12/Sh

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) announced today that it has entered into a securities purchase agreement with certain unaffiliated institutional investors to purchase approximately $6.1 million of its common shares (the “Common Shares”) in a registered direct offering and warrants to purchase Common Shares in a concurrent private placement.

Under the terms of the securities purchase agreement, the Company has agreed to sell 50,750,000 Common Shares. In a concurrent private placement, the Company has agreed to issue warrants to purchase up to 50,750,000 Common Shares. The warrants will be exercisable upon issuance and have an exercise price of $0.12 per share. The warrants will expire 5 years 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 $6.1 million 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 April 22, 2020, subject to the satisfaction of customary closing conditions.

In addition, effective on the closing of the offering, the Company’s Board of Directors has determined, pursuant to the terms of the Company’s outstanding Class D Warrants issued on April 2, 2020, to reduce the exercise price of the Class D Warrants from $0.17 to $0.12.

Maxim Group LLC is acting as sole placement agent for the offering.

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