Seanergy Maritime Announces Profitable Sale of a Capesize Vessel and Expiration of Class E Warrants

Core Points - Seanergy Maritime Holdings Corp. has successfully completed the strategic sale of its Capesize vessel, M/V Geniuship, optimizing its fleet and enhancing liquidity [1][5] - The expiration of Class E warrants on August 20, 2025, leaves Seanergy with no outstanding warrants or convertible securities [3][4] Sale of M/V Geniuship - The M/V Geniuship, a 170,057 dwt Capesize bulker built in 2010, was sold for a gross price of approximately $21.6 million [2] - The transaction generated net cash proceeds of approximately $12.0 million and is expected to result in an accounting profit of around $2.5 million, which will be recorded in the third quarter financial results [2] Expiration of Class E Warrants - Class E warrants were issued on August 20, 2020, with a five-year term and an exercise price of $3.98 per share [3] - Following previous exercises and a tender offer, 57,225 common shares remained outstanding as of the expiration date [3] Strategic Implications - The sale of M/V Geniuship aligns with the company's fleet renewal strategy and enhances liquidity and earnings profile [5][6] - The expiration of the Class E and Class D warrants streamlines the capital structure, eliminating legacy dilution risks and enabling cleaner value recognition for shareholders [6] Company Overview - Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company, operating a fleet of 20 vessels with an average age of approximately 14.3 years and a total cargo carrying capacity of about 3,633,861 dwt [7]