Seanergy Maritime Holdings Corp. Announces Receipt of Nasdaq Notice
ATHENS, GREECE -- (Marketwired) -- 05/07/13 -- Seanergy Maritime
Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today that it
has received written notification from the Nasdaq Capital Market
("Nasdaq or the "Capital Market"), dated May 1, 2013, indicating that
the Company is not in compliance with the requirement to maintain a
minimum of $2.5 million in stockholders' equity for continued listing
on the Capital Market, pursuant to Nasdaq Listing Rule 5550(b)(1).
The Company reported stockholders' equity of ($101,617,000) for the
fiscal year ended December 31, 2012.
In addition, as of April 30, 2013, the Company did not meet the
alternative standards for continued listing, including a market value
of listed securities of at least $35 million, pursuant to Nasdaq
Listing Rule 5550(b)(2), or net income from continuing operations of
at least $500,000, pursuant to Nasdaq Listing Rule 5550(b)(3).
In order to cure this deficiency, the Company must submit a plan to
Nasdaq to regain compliance by June 17, 2013. If the plan is accepted
by Nasdaq, the Company may be granted a grace period to regain
compliance of up to 180 days from the date of this letter, expiring
on or before October 28, 2013.
The Company intends to submit a plan to Nasdaq to regain compliance
with the continued listing standards of the Capital Market.
This notification has no effect on the listing status of the
Company's common stock at this time.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings
Corp. is a Marshall Islands corporation with its executive offices in
Athens, Greece. The Company is engaged in the transportation of dry
bulk cargoes through the ownership and operation of dry bulk
As of today, the Company's fleet consists of 7 drybulk carriers (two
Panamax, two Supramax, and three Handysize vessels) with a total
carrying capacity of approximately 326,255 dwt and an average fleet
age of 13.5 years.
The Company's common stock trades on the NASDAQ Capital Market under
the symbol "SHIP."
This press release contains
forward-looking statements (as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended) concerning future events and the
Company's growth strategy and measures to implement such strategy.
Words such as "expects," "intends," "plans," "believes,"
"anticipates," "hopes," "estimates," and variations of such words and
similar expressions are intended to identify forward-looking
statements. Although the Company believes that such expectations will
prove to have been correct, these statements involve known and
unknown risks and are based upon a number of assumptions and
estimates, which are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that could cause
actual results to differ materially include, but are not limited to,
the scope and timing of Securities and Exchange Commission ("SEC")
and other regulatory agency review, competitive factors in the market
in which the Company operates; risks associated with operations
outside the United States; and other factors listed from time to time
in the Company's filings with the SEC. The Company's filings can be
obtained free of charge on the SEC's website at www.sec.gov. The
Company expressly disclaims any obligations or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in the Company's expectations
with respect thereto or any change in events, conditions or
circumstances on which any statement is based.
For further information please contact:
Investor Relations / Media
Capital Link, Inc.
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
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