Monday, July 1, 2019
Seanergy Maritime Holding Corp. (SHIP)
Class C Warrants Expanding Share Count
Seanergy Maritime Holdings Corp., an international shipping company, provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. The company owns a modern fleet of 10 Capesize dry bulk vessels with a combined cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of 9.8 years. The company was formerly known as Seanergy Maritime Corp. and changed its name to Seanergy Maritime Holdings Corp. in January 2009.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- May equity offering raised $14.3 million, but Class C warrants expand the share count. As of late Friday, 1.68 million Class C warrants (about 35%) from the equity offering were exercised and 4.61 million common shares were issued. About 3.15 million Class C warrants could be exercised for an additional 8.62 million common shares.
- Class C warrant exercise by Jelco creates room for exercise of others. With 18.44 million common shares outstanding, Jelco clearly exercised all…
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