Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) investors are heading for the hills after the company announced today the pricing of its $15 million public offering of 10,000,000 common shares and class A warrants, at a combined price to the public of $1.50 per common share and class A warrant. The offering is expected to close on or about December 13, 2016. The Company estimates that the net proceeds from the offering, after deducting the underwriting discount and offering expenses, will be approximately $13,380,000. The net proceeds of the offering are expected to be used for debt repayment, vessel acquisitions in accordance with the Company’s growth strategy and general corporate purposes.
The public offering would dilute shareholders’ investments, and as such Seanergy Maritime shares are currently dropping nearly 45% to $1.20 in early trading Thursday. SHIP has a 1-year high of $8.65 and a 1-year low of $1.10. The stock’s 50-day moving average is $2.40 and its 200-day moving average is $2.95.
Seanergy Maritime Holdings Corp. engages in the provision of marine dry bulk shipping services. It also owns and operates dry bulk vessels such as Capesizes and Supramaxes.