United Maritime Corporation, announced 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.
