UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 6-K
 
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of May 2020
 
Commission File Number: 001-34848

SEANERGY MARITIME HOLDINGS CORP.
 
(Translation of registrant's name into English)

154 Vouliagmenis Avenue
166 74 Glyfada Athens, Greece
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:________
 
Form 20-F ☒ Form 40-F ☐
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b)7:________

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.


INFORMATION CONTAINED IN THIS FORM 6-K REPORT


Attached to this report (this “Report”) on Form 6-K as Exhibit 99.1 is a copy of the press release of the Company dated May 8, 2020 titled “Seanergy Maritime Holdings Corp. Announces the Results of its Successful Recent Capital Raising Transactions.”

This Report on Form 6-K and the exhibit hereto (excluding the quote by Stamatis Tsantanis) is hereby incorporated by reference into the Company's Registration Statements on Form F-3 (File Nos. 333-221058, 333-226796, 333-166697, 333-169813, 333-214967, 333-237500 and 333-238136).


SIGNATURES
 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 8, 2020

 
SEANERGY MARITIME HOLDINGS CORP.
     
 
By:
/s/ Stamatios Tsantanis
 
Name:
Stamatios Tsantanis
 
Title:
Chief Executive Officer

 


Exhibit 99.1

Seanergy Maritime Holdings Corp. Announces the
Results of its Successful Recent Capital Raising Transactions

May 8, 2020 - Athens, Greece - Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (“SHIP” or the “Company”) today announced the results of its successful recent capital raising transactions.
 
In recent weeks, SHIP has undertaken a series of equity raisings beginning with an underwritten public offering which priced on March 31, 2020. Through this capital markets activity, the Company has raised approximately $30 million in gross proceeds. Based on this positive outcome, it is SHIP’s intention to pause its capital markets participation for the near term, although the Company will continue to monitor market activity in the future.
 
Stamatis Tsantanis, SHIP’s Chairman & Chief Executive Officer, stated:
 
“We are pleased to announce the successful closing of our most recent registered direct offering, which represents the culmination of our recent capital raising transactions. As a result of strong institutional interest, we raised more than $30 million and have further strengthened our balance sheet. This capital is highly accretive to our net asset value.”
 
“Our sector is emerging from a period of historical low rates, and as a result of our capital raising program, we believe Seanergy is in a strong position to capitalize on the improving market fundamentals.”
 
Following SHIP’s capital markets activity since the end of March, SHIP’s pro-forma capitalization table is as follows:
 
(amounts in thousands USD)
 
Actual
(31 Dec 2019)
(audited)
   
Pro-Forma
(7 May 2020)
(unaudited)
 
Debt:
           
Long-term debt (1)
   
207,303
     
201,018
 
Convertible promissory notes (2)
   
14,608
     
14,608
 
Total debt
   
221,911
     
215,626
 
 
               
Total Shareholder’s equity (3)
   
29,858
     
57,598
 
Total capitalization (4)
   
251,769
     
273,224
 
(1)
Includes arrangement fees and various deferred charges and excludes all convertible promissory notes.
(2)
Includes $3.4 million of the total outstanding $38.7 million in convertible promissory notes that are classified under liabilities in accordance with the beneficial conversion feature guidance of U.S. GAAP. The balance of $11.2 million is the net non-cash amortization in accordance with the beneficial conversion feature guidance of U.S. GAAP.
(3)
Includes $35.3 million of the total outstanding $38.7 million in convertible promissory notes that are classified under equity in accordance with the beneficial conversion feature guidance of U.S. GAAP.
(4)
Does not give any effect to the potential future exercise of warrants issued in the recent transaction or other outstanding warrants.



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About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of approximately 11 years. The Company is incorporated in the Marshall Islands and has executive offices in Athens, Greece and an office in Hong Kong. The Company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP", its Class A warrants under "SHIPW" and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com.

Cautionary Note Regarding Forward-Looking Statements
 
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. Words such as "may", "should", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates" and variations of such words and similar expressions are intended to identify forward-looking statements. 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 Company's operating or financial results; the Company's liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the SEC, including the Registration Statement and its most recent annual report on Form 20-F. The Company's filings can be obtained free of charge on the SEC's website at www.sec.gov. Except to the extent required by law, 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.

For further information please contact:
 
Capital Link, Inc.
Judit Csepregi
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com

 


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