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Seanergy Maritime Stock Falls 22% Premarket, Here’s Why

Sam Boughedda trader
Updated 17 Feb 2021

Practice Stock Trading

Seanergy Maritime (NASDAQ: SHIP) shares are down premarket after the company signed a deal with certain unaffiliated institutional investors to purchase approximately 44,150,000 of its common shares for $1.70 per share.

The common share offering will generate aggregate proceeds of $75 million priced at-the-market.

“The pricing of our offering will underpin our strategic aims of sustainable fleet growth and continued balance sheet deleveraging,” said Stamatis, Seanergy’s Chairman and CEO.

“The proceeds of this highly accretive transaction shall further enhance our liquidity allowing us to pursue potential additional acquisitions at what we believe to be favorable timing in the market cycle,” added Tsantanis.

Maxim Group LLC is acting as the sole placement agent for the offering with the closing date expected to be on or around the 19th of February.

On Tuesday the international shipping company also announced that it has agreed on a deal with an unaffiliated third party to purchase its 12th Capesize vessel that is expected to be delivered towards the end of the first quarter.

Seanergy’s shares are down over 22.5% premarket at $1.75 after gaining 12% in Tuesday's session.

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.