Greek capesize owner Seanergy Maritime has moved to spin off its older ship into a newly formed vehicle, United Maritime Corporation, and have its common shares listed on Nasdaq.
In connection with the spin-off, Seanergy is contributing the vessel-owning subsidiary of the 2005-built Gloriuship to United and should distribute all the common shares of United pro-rata to the company’s shareholders of record as of June 28, 2022. The distribution of United common shares is expected to be made on or around July 5, 2022.
to United and should distribute all the common shares of United pro-rata to the company’s shareholders of record as of June 28, 2022. The distribution of United common shares is expected to be made on or around July 5, 2022. Seanergy said United is expected to adopt a diversified business model with investments across various maritime sectors, adding that its common shares should start trading on a standalone basis on the Nasdaq Capital Market on the first trading day after the date of distribution.
Stamatis Tsantanis, Seanergy’s chairman and chief executive, stated: “The spin-off of 100% of the common shares of United Maritime Corporation represents a significant return of value to our shareholders. Our board of directors believes that the distribution of shares of a separate, publicly traded shipping company that will pursue a diversified business model and greater exposure to different shipping segments will further enhance shareholder value.”
“Seanergy will continue its successful course as a pure-play capesize owner, and we intend to substitute our oldest vessel, the Gloriuship, with a younger capesize vessel.”
Nasdaq-listed Seanergy currently has a fleet of 17 vessels with an average age of 12.3 years.
