Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
Seanergy Maritime is having an incredibly strong time in the pre-market hours this morning. Ultimately, the gains are the result of the termination of a credit facility that seems to be exciting investors. Below, we’ll talk about what we’re seeing from SHIP, why, and what we’ll be watching for ahead.
What We’re Seeing From SHIP
As mentioned above, Seanergy Maritime is having an incredibly strong start to the day. In the pre-market hours, the stock is soaring following news of a terminated credit facility. At the moment (9:09), SHIP is trading at $1.11 per share after a gain of $0.16 per share or 16.84% thus far today.
Information On The Terminated Credit Facility
As is almost always the case, our partners at Trade Ideas were the first to alert us of the upward movement on SHIP. As soon as we received the information that the stock was running for the top, the CNA Finance team started working to see why the movement was happening. It didn’t take long to dig up the story. As mentioned above, the gains seem to be the result of a terminated credit facility.
Early this morning, Seanergy Maritime announced that it has entered into a definitive agreements surrounding early termination of a credit facility. The company says that the termination will result in a material gain for it and shareholders. Upon completion of the transaction, the material gain to the company is expected to be around $11.4 million. In a statement, Stamatis Tsantanis, CEO at SHIP had the following to offer…
“We are very pleased to announce another important transaction for the company, which should result in significant accretion for our shareholders. Not only are we growing our fleet but we are streamlining our capital structure to be in a position to further capitalize on a strengthening dry bulk market. In the past six months Seanergy has successfully raised funds from the equity capital markets and used this capital for highly accretive and productive purposes to grow its platform and enhance shareholder value…”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SHIP. In particular, we’re interested in watching the transaction mentioned above and seeing where the actual gain to the company ends up. Nonetheless, we’ll be watching closely and bringing you the news as it breaks!
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