Seanergy, A SPAC Debut (SRG-U)

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Seanergy Maritime (AMEX:SRG-U) just began trading yesterday on the American Stock Exchange.  The company sold 22 million units at $10.00 per unit.  One unit consisted of one share of common stock and one warrant, although these are trading on a combined basis initially. Maxim Group LLC brought this one to market.

Seanergy is a SPAC (Special Purpose Acquisition Company) that was recently organized for the purpose of a merger, capital stock exchange, stock purchase, asset acquisition or other business combination with an unidentified operating business.  The Company intends to focus on identifying unidentified operating business in the maritime shipping industry, but will not be limited to pursuing acquisition opportunities only within that industry.

So far this one has actually done fairly well despite transportation and shipping concerns in the U.S.  Shares traded as high as $10.40 yesterday and are trading at $10.35 this morning.  That isn’t a huge premium, but these SPAC’s are usually treated as empty shell companies until the underlying business is identified.

Jon C. Ogg
September 26, 2007