Seanergy Maritime Holdings Corp. Receives Nasdaq Determination Letter
ATHENS, GREECE -- (Marketwired) -- 11/01/13 -- Seanergy Maritime
Holdings Corp. (the "Company") (NASDAQ: SHIP) announced today that on
October 30, 2013, it received a Staff Delisting Determination letter
from the Nasdaq Stock Market LLC ("Nasdaq") notifying the Company
that, due to non-compliance with the minimum $2.5 million
stockholders' equity requirement for continued listing set forth in
Nasdaq Listing Rule 5550(b), trading of the Company's common stock
will be suspended unless the Company requests an appeal of this
delisting determination by November 6, 2013.
The Company intends to timely request a hearing before a Nasdaq
Hearings Panel (the "Panel") to appeal the delisting determination.
Such request will stay the suspension of trading and delisting of the
Company's common shares from the Nasdaq Capital Market pending the
Panel's decision after a hearing. Under Nasdaq's Listing Rules, the
Panel may, in its discretion, grant an exception to the continued
listing standards for a maximum of 180 calendar days from the date of
the delisting determination. However, there can be no assurances that
the Panel will grant such exception. The Company intends to present
to the Panel the status of its previously announced financial
restructuring plan and its plan to establish compliance with the
minimum $2.5 million stockholders' equity requirement.
Stamatis Tsantanis, the Company's Chairman and Chief Executive
Officer, stated: "Seanergy expected this determination letter and
looks forward to the hearing with the independent Panel to discuss
its plan to regain compliance. In addition, the Company continues to
implement its ongoing restructuring plan, which aims to establish a
viable financial structure and ensure its ability to participate in
new investment opportunities."
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 four dry bulk carriers
(two Panamax and two Supramax vessels) with a total carrying capacity
of approximately 255,109 dwt and an average fleet age of 12.4 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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