Seanergy Maritime Breaches Minimum Bid Price on Nasdaq

Greek dry bulk shipping company Seanergy Maritime Holdings Corp. has been notified by the Nasdaq Stock Market that it is not in compliance with a Nasdaq Listing Rule as the closing bid of its common stock was below the required minimum. 

The notification dated May 18, 2017, indicates that the minimum bid price for the company’s common stock was below the requirement of USD 1 per share for a period of 30 consecutive business days, from April 5 to May 17, 2017.

Seanergy has been given a grace period of 180 days, or until November 14, 2017.

“The company intends to monitor the closing bid price of its common stock between now and November 14, 2017, and is considering its options, including a reverse stock split, in order to regain compliance with the Nasdaq Capital Market minimum bid price requirement,” Seanergy said in a statement.

Compliance would be regained if the closing bid price of the company’s common stock is USD 1 per share or higher for at least ten consecutive business days during the grace period.

As disclosed, Seanergy’s common stock will continue to be listed and trade on the Nasdaq Capital Market. Seaenergy added that its business operations are not affected by the receipt of the notification.

In March, the company obtained waiver and deferral for major financial covenants from four of its senior lenders until the second quarter of 2018. Although Seanergy was not in a breach of covenants in any of its facilities, the company approached banks well in advance “to resolve any issue that could arise in the next 13 to 15 months.”

Also in March, Seanergy agreed for an early termination of a credit facility with one of its senior lenders, resulting in the material gain of around USD 11.4 million. The gain, which represents a reduction of some 29% of the outstanding facility, is expected to be recorded upon closing of the transaction in the second or third quarter of 2017.

Recently, Seanergy raised funds from the equity capital markets, using the capital to grow its platform and enhance shareholder value.

Seanergy currently owns a fleet of ten dry bulk carriers with a combined cargo-carrying capacity of approximately 1,503,369 dwt and an average fleet age of about 8.2 years and expects the delivery of one Capesize vessel on May 31.

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