Seanergy Maritime Holdings has decided to back off the capital markets for now, having sold about $30m in shares since late March.
The Stamatis Tsantanis-led owner of 10 capesizes last raised $5.2m Tuesday by selling 43.4m common shares overnight after putting together $5.15m off 43m a few days earlier.
Seanergy Maritime began the fundraiser by selling $6m in common shares on 31 March and then $6.75m in units on 9 April.
It then sold $899,895 in over-allotment shares to underwriters five days later off the 31 March offer and offloaded $6.09m in common shares six days later.
Seanergy Maritime, whose shares trade on the Nasdaq Stock Market under the ticker symbol SHIP, has sold almost 228m shares over five weeks to raise $30.1m in capital.
"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," the company said.
Chief executive Tsantanis said the cash infusion is beneficial to the company's net asset value.
“Our sector is emerging from a period of historical low rates, and as a result of our capital raising programme, we believe Seanergy is in a strong position to capitalize on the improving market fundamentals," he said.
Seanergy Maritime holds $216m in total debt and $57.6m in shareholder equity, according to information provided by the company.
Its shares jumped 13% to $0.16 by early afternoon Friday but are still well below Nasdaq's minimum price requirement of $1.
