United Maritime Corporation, announced that it has completed the buyback of approximately 1.86 million shares, representing approximately 20% of the Company’s outstanding common shares, at an average price of $1.6095, fully utilizing its previously announced share buyback plan.
In addition, the Company’s Board of Directors has authorized an additional share buyback plan (the “Plan”), where it may repurchase up to an additional $3 million of its outstanding common shares in the open market. This Plan represents up to an additional 26% of United’s market capitalization as of September 21, 2022.
Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer, stated:
“We are pleased to announce the successful completion of our initial buyback plan, which has been highly accretive to our net asset value and cash flow per share for our shareholders.
“Considering the attractive valuation environment and positive earnings outlook of the tanker sector, we maintain our view that our share price is significantly undervalued at these levels. Therefore, we are proceeding with another substantial buyback plan.”
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.
