United Announces $3 million Share Buyback Plan
September 02 2022 - 9:00AM
United Maritime Corporation (the “Company” or “United”) (NASDAQ:
USEA), announced today that the Board of Directors has authorized a
share repurchase plan (the “Plan”).
Under the Plan, the Company may repurchase up to
$3 million of its outstanding common shares in the open market,
representing approximately up to 26% of the Company’s market
capitalization as of September 1, 2022.
Stamatis Tsantanis, the Company’s
Chairman & Chief Executive Officer, stated:
“We believe that the share price of United is
significantly undervalued considering the solid vessel valuation
and earnings environment of the tanker sector.
“We aim to enhance stockholder value by using
our strong cash reserves and the fleet’s robust cash-flow
generating capacity. We will continue to examine all strategic
alternatives and to invest opportunistically, including through
buybacks under appropriate conditions.”
The Plan
The Company may repurchase common shares
pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as
amended, or pursuant to a trading plan adopted in accordance with
Rule 10b5‐1 of the Securities Exchange Act of 1934.
Any repurchases pursuant to the Plan will be
made at management’s discretion at prices considered to be
attractive and in the best interests of both the Company and its
shareholders, subject to the availability of stock, general market
conditions, the trading price of the stock, alternative uses for
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, the cost of
repurchasing shares, the availability of alternative investment
opportunities, liquidity, and other factors deemed appropriate.
These factors may also affect the timing and amount of share
repurchases. The Plan does not obligate 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 worldwide seaborne transportation
services. Upon delivery of the newly acquired vessels, the
Company’s fleet will consist of four tanker vessels and one dry
bulk vessel with an aggregate cargo 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 shares trade on the Nasdaq
Capital Market under the symbol “USEA”.
Please visit the Company’s website at:
www.unitedmaritime.gr
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 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 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, shipping
industry trends, including charter rates, vessel values and factors
affecting vessel supply and demand; 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 indebtedness; competitive factors in the market in which the
Company operates; increased operating costs associated with vessel
aging; vessel damage; future, pending or recent acquisitions and
dispositions, business strategy, areas of possible expansion or
contraction, and expected capital spending or operating expenses;
dependence on affiliates of the Company’s former parent and
third-party managers to operate the Company’s business;
availability of crew, number of off-hire days, classification
survey requirements and insurance costs; changes in the Company’s
relationships with contract counterparties; potential liability
from future litigation and incidents involving the Company’s
vessels; broader market impacts arising from war (or threatened
war) or international hostilities, such as between Russia and
Ukraine; risks associated with the length 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 the transportation thereof;
and other factors listed from time to time in the Company's filings
with the SEC, including its registration statement 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:
United Investor RelationsTel: +30 213 0181 522E-mail:
ir@usea.gr
Capital Link, Inc.Paul Lampoutis230 Park Avenue Suite 1540New
York, NY 10169Tel: (212) 661-7566E-mail: usea@capitallink.com
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