2022-09-22 | NDAQ:USEA | Press release
GLYFADA, Greece, Sept. 22, 2022 (GLOBE NEWSWIRE) — United Maritime Corporation (“Company” or “United”) (NASDAQ: USEA), today announced that it has completed the repurchase of approximately 1.86 million shares, representing approximately 20% of the company’s outstanding common stock, at an average price of $1.6095, making full use of its previously announced stock buyback plan.
In addition, the Company’s Board of Directors has authorized an additional stock repurchase plan (the “Plan&CloseCurlyDoubleQuote”), under which it may repurchase up to an additional $3 million of its outstanding common stock on the free market. This plan represents up to an additional 26% of United’s market capitalization as of September 21, 2022.
Stamatis Tsantanis, Chairman and CEO of the company, said:
“We are pleased to report the success of our initial repurchase plan, which has been highly accretive to our net asset value and cash flow per share for our shareholders.
“Given the attractive valuation environment and positive earnings outlook for the oil tanker sector, we maintain our view that our share price is significantly undervalued at these levels. Accordingly, we are proceeding with a another substantial buyout plan.”
The Company may redeem common stock under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or under a trading plan adopted pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934.
Any redemptions under the plan will be made at management’s discretion at prices considered attractive and in the best interests of the company and its shareholders, subject to stock availability, general market conditions, the stock, alternative uses of capital, applicable securities laws and the Company’s financial performance. The Plan may be suspended, terminated or modified at any time for any reason, including market conditions, cost of redeeming shares, availability of alternative investment opportunities, liquidity and other factors. deemed appropriate. These factors may also affect the timing and amount of share redemptions. The Plan does not require the Company to purchase any of its Shares under the Plan. The Board of Directors’ authorization of the Plan is effective immediately and expires on March 31, 2023.
About United Maritime Corporation
United Maritime Corporation is an international shipping company specializing in shipping services around the world. The company’s fleet consists of four tankers and one dry bulk carrier with a total carrying capacity of approximately 616,884 dwt.
The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common stock trades on the Nasdaq Capital Market under the symbol “USEA”.
Please visit the company’s website at: www.unitedmaritime.gr
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) regarding future events . Words such as “may”, “should”, “expect”, “intend”, “plan”, “believe”, “anticipate”, “hope”, “estimate” and variations of these words and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements involve known and unknown risks and are based on 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 these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, trends in the shipping industry, including charter rates, vessel values and factors affecting supply and demand for vessels; the impact of changes in regulatory requirements or actions taken by regulatory authorities on the Company’s operating or financial results; the Company’s financial condition and liquidity, including its ability to service its debt; competitive factors in the market in which the Company operates; increased operating costs associated with aging vessels; damage to ships; future, pending or recent acquisitions and divestitures, business strategy, possible areas of expansion or contraction and anticipated capital or operating expenditures; reliance on former parent company affiliates and third-party managers of the Company to operate the Company’s business; crew availability, number of non-hire days, classification survey requirements and insurance costs; changes in the Company’s relationships with contractual counterparties; potential liability for future litigation and incidents involving the Company’s vessels; broader market impacts resulting from war (or threat of war) or international hostilities, such as between Russia and Ukraine; risks associated with the duration and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for crude oil, petroleum products, dry bulk products, other types of products and their transport; and other factors listed from time to time in the Company’s filings with the SEC, including its registration statement on Form 20-F. Company filings may be obtained free of charge at the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligation or undertaking to release any update or revision of any forward-looking statement contained herein to reflect any change in the Company’s expectations with respect thereto or any change of events, conditions or circumstances on which any statement is based.
For more information, please contact:
United Investor Relations
Tel: +30 213 0181 522
Email: [email protected]
Capital Link, Inc.
230 Park Avenue, Suite 1540
New York, NY 10169
Tel: (212) 661-7566
Email: [email protected]