ATHENS, GREECE--(Marketwire -07/02/12)- Seanergy Maritime Holdings Corp. (the "Company") (SHIP) announced today it has received written notification from The NASDAQ Stock Market ("NASDAQ") dated June 29, 2012, indicating that because the market value of the publicly held shares ("MVPHS") of the Company's common stock for 30 consecutive business days, from May 16, 2012 to June 28, 2012, was below the minimum requirement of $5,000,000 for the continued listing on the NASDAQ Global Market, the Company is not in compliance with NASDAQ Listing Rule 5450(b)(1)(C). The applicable grace period to regain compliance is 180 days. This notification has no effect on the listing of the Company's common stock at this time.
The Company intends to monitor the MVPHS of its common stock between now and December 26, 2012 and is considering its options in order to regain compliance with the NASDAQ Global Market MVPHS requirement.
About Seanergy Maritime Holdings Corp.
Seanergy Maritime Holdings Corp. is a Marshall Islands corporation with its executive offices in Athens, Greece. The Company is engaged in the transportation of dry bulk cargoes through the ownership and operation of dry bulk carriers.
The Company's current fleet consists of 18 dry-bulk carriers (three Capesize, three Panamax, two Supramax and ten Handysize vessels) with a total carrying capacity of approximately 1,085,063 dwt and an average fleet age of 13.9 years.
The Company's common stock trades on the NASDAQ Global Market under the symbol "SHIP".
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth strategy and measures to implement such strategy. Words such as "expects," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that such expectations will prove to have been correct, these statements involve known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the scope and timing of Securities and Exchange Commission ("SEC") and other regulatory agency review, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.