Monday, May 13, 2019
Seanergy Maritime Holding Corp. (SHIP)
Lower to Market Perform Following Significant Equity Offering.
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.
- Significant equity offering, but
number of shares issued could increase materially over the next six months if
the stock does not recover. The shares issued, including shares issued to Jelco for waived interest, totals 6.02 million shares and includes Class B and C warrants that are unique. - Class C warrants are uniquely structured to
protect new shareholders, not existing shareholders. Class C warrants expire in six months, but a cashless exercise feature could trigger issuance of up to 16.5 million addition…
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