Seanergy Maritime Holdings Corp (NASDAQ:SHIP) has made an announcement that has shocked a lot of people globally. It decided to terminate its “At-The-Market” equity offering program. In an interview, one of the top officials working with the company pointed to an Equity Distribution Agreement with Maxim Group LLC citing that it had much to do with provider’s drastic move. The company on February 3, 2017 raised about $2.9 million in gross proceeds, and this is after it succeeded to sold 2,782,136 common shares.
The company’s Chairman and Chief Executive Officer, Stamatis Tsantanis, while addressing a press conference said, “Since August 2016, we have raised approximately $28.3 million of gross proceeds from public equity offerings, including the ATM Offering. We have utilized these funds in the most constructive way as they enabled the Company to pursue highly accretive transactions.”
A lot of the people following the matter closely wanted him to be more specific. He moved forward to outline that part of the proceeds had been channeled into funding the acquisitions of the M/V Lordship, M/V Partnership and the M/V Knightship. Asides from this, the prepayments resulting from the early termination of the credit facility also needed to be taken care of, and some of the funds were directed into this.
According to Marketwired, Stamatis Tsantanis seems to be clearing all the air surrounding the matter. He stated that the combined accretion in value that the top provider has created for its shareholders emanating from the numerous transactions exceeds $27.9 million. This particular figure is derived from the market value appreciation in line with the much anticipated gain resulting from the early, as well as the refinancing of the provider’s facilities.
The top executive over a long period of time has showcased great dedication and commitment to see to it that the company thrives. On behalf of Seanergy Maritime Holdings Corp, he said that they were not going to at any pointy in time stop in their efforts to actively pursue accretive transactions. He concluded that their central objective was to see to it that they successfully managed to create value for their esteemed shareholders.