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- Seanergy Maritime Holdings Corp. SHIP has authorized a share repurchase plan, under which the company may repurchase up to $17 million of its outstanding common shares.
- This represents ~10% of the company's market capitalization as of August 10, 2021.
- "We believe that the share price and the market value of Seanergy are currently significantly undervalued both in terms of the underlying asset or equity value of the company and also in terms of our solid ability to generate earnings in the current market environment. Considering this, we feel that a share buyback is the correct and well-timed capital allocation decision," commented Stamatis Tsantanis, CEO.
- Price Action: SHIP shares are trading higher by 10.30% at $1.07 on the last check Wednesday.
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