Seanergy Maritime Holdings Corp. Announces Reverse Stock Split

News Release Seanergy Maritime Holdings Corp June 24, 2011

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June 23, 2011 - Athens Greece – Seanergy Maritime Holdings Corp. (the
“Company”)
(NASDAQ: SHIP; SHIP.W) announced today that the Company’s Board of
Directors (the
“Board”) has determined to effect a 1-for-15 reverse split of the Company’s common
stock. At a
special meeting of shareholders held on January 4, 2011, the
Company’s shareholders had
approved the reverse stock split and granted to the Board the
authority to determine the exact
split ratio and proceed with the reverse stock split.
The reverse stock split will be effective tomorrow, June 24, 2011,
and the common stock will
begin trading on a split-adjusted basis on the NASDAQ Global
Market at the opening of trading
on June 27, 2011. When the reverse stock split becomes effective,
every fifteen shares of the
Company’s issued and outstanding common stock will be
automatically combined into one
issued and outstanding share of common stock without any change in
the par value per share or
the total number of authorized shares. This will reduce the number
of outstanding shares of the
Company’s common stock from 109,773,980 to approximately
7,318,265.
No fractional shares will be issued in connection with the reverse
split of the issued and
outstanding common stock. Shareholders who would otherwise hold a
fractional share of the
Company’s common stock will receive a cash payment in lieu of such
fractional share.
Shareholders will receive instructions from the exchange agent,
Continental Stock Transfer &
Trust Company, as to how to exchange existing share certificates
for new certificates
representing the post-reverse split shares.
Also, on the effective date, the Company’s issued and outstanding
warrants will be adjusted
automatically pursuant to the terms of the respective governing
agreements. On a per warrant
basis, the exercise price will not change following the reverse
stock split and, accordingly, the
price at which one whole share of the Company’s common stock may
be purchased at the time
warrants are exercised will increase by a multiple of
fifteen.
Additional information about the reverse stock split can be found
in the Company’s proxy
statement furnished to the Securities and Exchange Commission on
December 16, 2010, a copy
of which is available at www.sec.gov.
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