Seanergy Marine announces 1-for-10 reverse stock split

Seanergy Maritime announced that its Board of Directors has determined to effect a 1-for-10 reverse stock split of the Company’s issued and outstanding shares of common stock, effective at the opening of trading on February 16, 2023. At the special meeting of the shareholders of the Company held on February 7, 2023, Seanergy’s shareholders approved a reverse stock split by a ratio of not less than 1-for-8 and not more than 1-for-12 and granted the Board the authority to determine to effect the reverse stock split and the exact split ratio within this range. The Board approved the reverse stock split on February 9, 2023. In addition, the Company announced today that its Chairman and Chief Executive Officer, Stamatis Tsantanis, intends to purchase an aggregate of up to $1,000,000 in the Company’s common shares in the open market, following the effective date of the reverse stock split. Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated: "We believe that the consolidation of Seanergy’s outstanding number of shares will further increase investor outreach for our stock and attract long-term investors. In addition, we aim to resolve trading uncertainties by ensuring due compliance with Nasdaq’s listing criteria and improving the marketability and liquidity of the Company’s common stock. I am committed to further expand my own open market stock purchases, as I believe that our current share price is deeply undervalued. The recently completed initiatives to increase shareholder value, our substantial buybacks of our securities and sizeable cash dividends, lay a strong foundation for our future success. I have great confidence in the solid fundamentals and long-term prospects of Seanergy and the capesize dry bulk sector."