SHIP - Seanergy Maritime plans spin-off of oldest Capesize vessel through wholly-owned subsidiary

Seanergy Maritime Holdings (NASDAQ:SHIP) intends to spin-off its oldest Capesize vessel, the M/V Gloriuship. SHIP's newly-formed, wholly-owned subsidiary, United Maritime Corporation, will act as the holding company for the Capesize vessel. The unit has applied to have its common shares listed on the Nasdaq Capital Market. Seanergy Maritime Holdings intends to distribute all the shares of the unit to its shareholders of record as of Jun. 28. The distribution of the shares is expected to be made on or around Jul. 5. The subsidiary's common shares are expected to commence trading on a standalone basis on the Nasdaq Capital Market on the first trading day after the date of distribution, under the ticker USEA. "We intend to substitute our oldest vessel, the Gloriuship, with a younger Capesize vessel," CEO Stamatis Tsantanis said. Shares were trading +1.81% post-market. Source: Press Release

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Seanergy Maritime plans spin-off of oldest Capesize vessel through wholly-owned subsidiary