Market Newsdesk

—Capricor to leverage Lonza’s expertise in technology transfer and development of cellular therapies to take CAP-1002 through potential product launch and commercial supply—

—The collaboration aims to expand Capricor’s manufacturing capacity for potential late-stage clinical trials and commercialization—

—Process development to take place in Lonza’s Houston (TX) center of excellence—

LOS ANGELES and BASEL, Switzerland, Jan. 12, 2021 (GLOBE NEWSWIRE) — Capricor Therapeutics, (NASDAQ: CAPR), a clinical-stage biotechnology company focused on the development of the first-in-class cell and exosome-based therapeutics for the treatment and prevention of serious diseases, and Lonza today announced that the companies have entered into an agreement for the development of CAP-1002, its leading clinical asset using allogeneic cardiosphere-derived cells (CDC) technology for the treatment of Duchenne Muscular Dystrophy (DMD) and complications arising from COVID-19.

“As we continue to expand our manufacturing efforts for CAP-1002, our lead cell therapy product candidate, this collaboration with Lonza provides us with a partner which has world-class expertise in technology transfer and an established track record of commercializing biologics,” said Linda Marbán, Chief Executive Officer of Capricor. “We are excited because this is an important step in our ability to potentially bring CAP-1002 closer to commercialization and allows us to bring this important therapy to patients with Duchenne muscular dystrophy as quickly as possible, if approved.”

CAP-1002 completed the positive HOPE-2 phase 2 clinical trial and has been granted orphan drug designation by the FDA for the treatment of DMD. CAP-1002 also received FDA acceptance of its IND application for a phase 2 clinical trial of CAP-1002 in patients with COVID-19 in August 2020, as announced by Capricor.

“Capricor’s lead candidate CAP-1002 is demonstrating efficacy in late-stage clinical studies to significantly benefit patients,” said Alberto Santagostino, SVP, Head of Cell and Gene Technologies, Lonza. “We will leverage our process development expertise and industrial manufacturing capabilities to enable Capricor to scale this therapy and make it available to patients globally, once approved for commercialization.”

The agreement aims to expand Capricor’s manufacturing capacity for potential late-stage clinical trials and commercialization. Operations will begin with a tech-transfer to Lonza’s Houston (TX) center of excellence, where Lonza will perform process development activities for late-clinical and commercial-scale GMP manufacturing of CAP-1002.

About Lonza

At Lonza, we combine technological innovation with world class manufacturing and process excellence. Together, these enable our customers to deliver their discoveries in the healthcare, preservation, and protection sectors.

We are a preferred global partner to the pharmaceutical, biotech and specialty ingredients markets. We work to prevent illness and promote a healthier world by enabling our customers to deliver innovative medicines that help treat or even cure a wide range of diseases. We also offer a broad range of microbial control solutions, which help to create and maintain a healthy environment.

Founded in 1897 in the Swiss Alps, Lonza today operates in 120 sites and offices in more than 35 countries. With approximately 15,500 full-time employees, we are built from high-performing teams and of individual employees who make a meaningful difference to our own business, as well as the communities in which we operate. The company generated sales of CHF 5.9 billion in 2019 with a CORE EBITDA of CHF 1.6 billion. Find out more at www.lonza.com and follow us on Twitter @LonzaGroup or Facebook @LonzaGroupAG.

About Capricor Therapeutics

Capricor Therapeutics, Inc. (NASDAQ: CAPR) is a clinical-stage biotechnology company focused on the discovery, development and commercialization of first-in-class cell and exosome-based therapeutics for the treatment and prevention of diseases. Capricor’s lead candidate, CAP-1002, is an allogeneic cell therapy that is currently in clinical development for the treatment of Duchenne muscular dystrophy and COVID-19. Capricor is also investigating the field of extracellular vesicles and exploring the potential of exosome-based candidates to treat or prevent a variety of disorders. Capricor is now developing two potential vaccines for COVID-19 as part of its exosome platform. For more information, visit www.capricor.com and follow the Company on Facebook, Instagram and Twitter.

About CAP-1002

CAP-1002 consists of allogeneic cardiosphere-derived cells, or CDCs, a type of cardiac cell therapy that has been shown in pre-clinical and clinical studies to exert potent immunomodulatory activity. It is being investigated for its potential to modify the immune system’s activity to encourage cellular regeneration. The cells function by releasing exosomes that are taken up largely by macrophages and T-cells and begin a cycle of repair. CDCs have been the subject of over 100 peer-reviewed scientific publications and administered to over 200 human subjects across several clinical trials.

Lonza Contact Details

Dr. Sanna Fowler

Head of External Communications
Lonza Group Ltd
Tel +41 61 316 8929
[email protected] 

Dirk Oehlers

Investor Relations
Lonza Group Ltd
Tel +41 79 421 1609
[email protected] 

Capricor Contact Details

Media:

Caitlin Kasunich
KCSA Strategic Communications
[email protected]  
Tel 212.896.1241

Investor:

Joyce Allaire
LifeSci Advisors, LLC
[email protected]  
Tel 617.435.6602

Company:

AJ Bergmann, Chief Financial Officer
[email protected]  
310.358.3201

Additional Information and Disclaimer

Lonza Group Ltd has its headquarters in Basel, Switzerland, and is listed on the SIX Swiss Exchange. It has a secondary listing on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Lonza Group Ltd is not subject to the SGX-ST’s continuing listing requirements but remains subject to Rules 217 and 751 of the SGX-ST Listing Manual.

Certain matters discussed in this news release may constitute forward-looking statements. These statements are based on current expectations and estimates of Lonza Group Ltd, although Lonza Group Ltd can give no assurance that these expectations and estimates will be achieved. Investors are cautioned that all forward-looking statements involve risks and uncertainty and are qualified in their entirety. The actual results may differ materially in the future from the forward-looking statements included in this news release due to various factors. Furthermore, except as otherwise required by law, Lonza Group Ltd disclaims any intention or obligation to update the statements contained in this news release.

Cautionary Note Regarding Forward-Looking Statements for Capricor

Statements in this press release regarding the efficacy, safety, and intended utilization of Capricor’s product candidates; the initiation, conduct, size, timing and results of discovery efforts and clinical trials; the pace of enrollment of clinical trials; plans regarding regulatory filings, future research and clinical trials; regulatory developments involving products, including the ability to obtain regulatory approvals or otherwise bring products to market; plans regarding process development and manufacturing; plans regarding current and future collaborative activities and the ownership of commercial rights; scope, duration, validity and enforceability of intellectual property rights; future royalty streams, revenue projections; expectations with respect to the expected use of proceeds from the recently completed offerings and the anticipated effects of the offerings; and any other statements about Capricor’s management team’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “could,” “anticipates,” “expects,” “estimates,” “should,” “target,” “will,” “would” and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements. More information about these and other risks that may impact Capricor’s business is set forth in Capricor’s Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission on March 27, 2020 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 as filed with the Securities and Exchange Commission on November 13, 2020. All forward-looking statements in this press release are based on information available to Capricor as of the date hereof, and Capricor assumes no obligation to update these forward-looking statements.

CAP-1002 is an Investigational New Drug and is not approved for any indications. None of Capricor’s exosome-based candidates have been approved for clinical investigation.

FREDERICK, Md., Jan. 12, 2021 (GLOBE NEWSWIRE) — TOMI Environmental Solutions, Inc.^® (“TOMI”, “the Company”) (NASDAQ: TOMZ), a global company specializing in disinfection and decontamination, utilizing its premier Binary Ionization Technology Platform through its SteraMist products – a hydrogen peroxide-based mist and fog composed of ionized Hydrogen Peroxide (iHP™), announces that it has received a purchase order from Vigilant Hose Company, (“VHC”), in Emmitsburg, Maryland, which provides Fire/Rescue/EMS services to five counties across two states. Located in the same town that is home to the National Emergency Training Center (a subdivision of FEMA) where emergency professionals from all over the world come to further their training, VHC has the distinction of being the most visited Firehouse in the world.    

Vigilant Hose Company selected SteraMist technology to ensure the thorough cleaning and sterilization of its training facilities, equipment and vehicles, with the goal of protecting public health while continuing to provide first responder services to the community. Coronavirus has elevated disinfection protocols adopted by public facilities and is expected to evolve well beyond the pandemic, with further scrutiny placed on other harmful pathogens prevalent in medical environments such as MRSA, C. diff, and C. auris. With a second wave of COVID infection rates currently taking place alongside the influenza season, the ability to thoroughly disinfect public surfaces is paramount to ensuring continued access to the services provided by organizations like the Vigilant Hose Company.

Elissa J. Shane, COO of TOMI, stated, “We’re pleased that the Vigilant Hose Company has selected our products for the disinfection of the public areas and equipment within their essential operation. Our EPA-regulated SteraMist technology has the proven ability to disinfect and eliminate the COVID-19 virus when used in highly-trafficked, high-touch and enclosed areas within a facility or vehicle, making it the ideal solution for use throughout VHC as they continue their important public service work.”

Thomas R. Ward, President of the Vigilant Hose Company commented, “With the purchase of the TOMI SteraMist, VHC has added another tool to our arsenal in the fight against COVID-19. Our new surface disinfectant sprayer is the most powerful of its kind on the market to help fight and eliminate the Covid virus and other pathogens. We have already trained our members to use the device, so we are now prepared to sterilize our facilities and apparatus, including ambulances, on a regular basis. VHC’s commitment to the health and safety of our membership and the community continues to be at the forefront of everything that we do, and we believe the SteraMist system will meaningfully improve our ability to protect the health of our membership and the public.”     

TOMI™ Environmental Solutions, Inc.: Innovating for a safer world

^®
 

TOMI™ Environmental Solutions, Inc. (NASDAQ:TOMZ) is a global decontamination and infection prevention company, providing environmental solutions for indoor surface disinfection through the manufacturing, sales and licensing of its premier Binary Ionization Technology^® (BIT^™) platform. Invented under a defense grant in association with the Defense Advanced Research Projects Agency (DARPA) of the U.S. Department of Defense, BIT^™ solution utilizes a low percentage Hydrogen Peroxide as its only active ingredient to produce a fog of ionized Hydrogen Peroxide (iHP^™). Represented by the SteraMist^® brand of products, iHP^™ produces a germ-killing aerosol that works like a visual non-caustic gas.

TOMI products are designed to service a broad spectrum of commercial structures, including, but not limited to, hospitals and medical facilities, cruise ships, office buildings, hotel and motel rooms, schools, restaurants, meat and produce processing facilities, military barracks, police and fire departments, and athletic facilities. TOMI products and services have also been used in single-family homes and multi-unit residences.

TOMI develops training programs and application protocols for its clients and is a member in good standing with The American Biological Safety Association, The American Association of Tissue Banks, Association for Professionals in Infection Control and Epidemiology, Society for Healthcare Epidemiology of America, America Seed Trade Association, and The Restoration Industry Association.

For additional information, please visit http://www.tomimist.com/ or contact us at [email protected].

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Certain written and oral statements made by us may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Forward-looking statements are identified by such words and phrases as “we expect,” “expected to,” “estimates,” “estimated,” “current outlook,” “we look forward to,” “would equate to,” “projects,” “projections,” “projected to be,” “anticipates,” “anticipated,” “we believe,” “could be,” and other similar phrases. All statements addressing operating performance, events, or developments that we expect or anticipate will occur in the future, including statements relating to revenue growth, earnings, earnings-per-share growth, or similar projections, are forward-looking statements within the meaning of the Reform Act. They are forward-looking, and they should be evaluated in light of important risk factors that could cause our actual results to differ materially from our anticipated results. The information provided in this document is based upon the facts and circumstances known at this time. We undertake no obligation to update these forward-looking statements after the date of this release.

INVESTOR RELATIONS CONTACT

John Nesbett/Jennifer Belodeau
IMS Investor Relations
[email protected]

CHICAGO, Jan. 12, 2021 (GLOBE NEWSWIRE) — Jetson, creators of the world’s only seasonal probiotic, today announced the launch of re-formulated Immunity, the winter probiotic formula, specifically designed to boost the immune system and protect from illness. It uses scientifically studied bacterial strains clinically proven to strengthen immune response to viral respiratory illness and decrease inflammation, plus Vitamin C and Echinacea to supercharge the immune boosting power.

“For sure, this is the season to not take chances with the health of your immune system – Immune resiliency is critical for protection from bacteria, viruses, and other non-infectious exposures and we should do all we can,” said. Dr. Ilene Ruhoy, member of Jetson’s Gut Council. “Jetson’s Winter Probiotic, Immunity, has important probiotic strains to maintain gut membrane strength as well as critical vitamins and herbs for immune function. This probiotic, along with a healthy lifestyle, can help keep your immune system strong by ensuring gut integrity and motility and contributing to overall immune health.”

Jetson’s probiotics rotate seasonally, meaning they are constantly reformulated and informed by the latest scientific findings. This year’s version of Immunity contains:

• Lactobacillus rhamnosus GG – shown to have a 34% reduced risk of upper respiratory tract infections and a 43% reduced risk of RTI lasting longer than 3 days
• Bifidobacterium lactis (Bl-04) – studied to reduce the risk of upper respiratory tract viral infection and reduce the severity of sickness
• Vitamin C – known to contribute to immune defense
• Echinacea – studied as a way to shorten the duration and lessen the severity of colds

Immunity can be taken in conjunction with other Jetson probiotics. For example, combining Immunity and Mood would provide a diverse dose of bacterial strains – plus Vitamin C, Echinacea and Vitamin D3 and B12 with just two pills.

“As the flu ramps up and COVID-19 persists, doctors are urgently warning that this is not the year to roll the dice and get the flu,” said George Chao, Jetson CEO. “Since 70% of the immune system lives in the gut, improving gut health is more important now than ever.”

Jetson’s probiotics are scientifically-backed and fresher than other probiotic brands, which tend to feature single-strain bacteria and use generic/commodity strains. Jetson also boasts the following unique differences:

• More specialized strains: a year’s worth of Jetson’s seasonal probiotics provides 20 strains, which is above and beyond the one or two strains offered by market leaders.
• Better gut absorption: Jetson’s strains are fresher and a proprietary capsule is specifically designed to survive stomach acid during digestion.
• Seasonal formulations address the body’s unique needs throughout the year.
• No-fuss monthly subscription option ensures you never forget to take care of your gut.
• Transparency: Jetson discloses the specific strains used in each of its formulas. Visit wearejetson.com to learn more about the probiotic strains included in Immunity.

Jetson probiotics are gluten-free, Non-GMO, preservative-free, and allergen-free. They’re also free from soy, binders, and synthetic fillers. Jetson also offers a novel prebiotic, Gut Prep, a year-round add on to any Jetson probiotic.

To purchase Immunity, visit wearejetson.com. Jetson products are also available on Amazon and to ship to Canada.

Follow Jetson on Instagram @WeAreJetson, on Facebook @JetsonHealth and Youtube @WeAreJetson.

JETSON
Jetson is the world’s only seasonal probiotic. Founded by Stefan Weitz and Kiley Taslitz Anderson in June 2019, Jetson is dedicated to helping Americans get healthy through the gut. Delivered fresh each month, Jetson’s seasonal probiotics provide specific formulations tailored to address the body’s unique needs year-round for as little as $30 a month. Non-GMO, preservative-free, allergen-free, and gluten-free, Jetson’s individual seasonal probiotic products include Fit, Mood, Immunity, and Outside, as well as a prebiotic, Gut Prep. They have also recently launched a product line aimed at babies and kids, Jettie, and a probiotic specifically developed to support microbial balance in the gut during and after a course of antibiotics, Gut Recovery. The company was founded after Weitz was diagnosed with an incurable autoimmune disease — Multiple Sclerosis — and learned his overall health and quality of life was inextricably tied to the health of his gut. To keep it fresh and to purchase Jetson, please visit www.wearejetson.com.

Contact: Jetson Public Relations

Molly Antos
T: (847) 848-2090
[email protected]

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/685c7d35-19bf-4b50-994f-1bd263331e85 
https://www.globenewswire.com/NewsRoom/AttachmentNg/0b5b9bf9-41b2-4b91-8c5f-f807b18beb4d

Net Sales Increased 21.1%; Comparable Sales Increased 10.1%

Strongest Holiday Comparable Sales Increase Since 2011

PHILADELPHIA, PA, Jan. 12, 2021 (GLOBE NEWSWIRE) — Five Below, Inc. (NASDAQ: FIVE) (“Five Below” or the “Company”) today announced net sales results for the quarter-to-date period from November 1, 2020 through January 2, 2021 (“Holiday Period”).

The Company announced that net sales for the Holiday Period increased by 21.1% to $722.3 million from $596.6 million in the comparable nine-week period from November 3, 2019 through January 4, 2020. Comparable sales for the Holiday Period increased by 10.1%.

Joel Anderson, President and CEO, said, “We are very pleased with our holiday sales performance, which surpassed our expectations. These strong results illustrate the broad appeal of our Wow offering at amazing values as well as the inherent flexibility of our model and merchandise offering. We featured extreme value products, as well as Wow gifts in our expanded Five Beyond offering, all of which resonated with customers. These sales results were accompanied by gross margins that were in line with our expectations and SG&A leverage that was stronger than planned.”

Mr. Anderson continued, “As we close out a very strong quarter and unprecedented year, I want to extend our deepest gratitude to our teams across the organization who executed with excellence while maintaining a focus on safety throughout our peak holiday season. We look forward to continuing our growth and to discussing our 2020 results and plans for 2021 on our year-end call in March.”

The Company is providing the following guidance for the fourth quarter and fiscal year 2020:

Fourth Quarter Fiscal 2020 Guidance

• Net sales of $835 million to $840 million, or growth of 21.5% to 22.2%
• Comparable sales increase of approximately 11.0%
• Diluted income per common share of $2.08 to $2.12 on approximately 56.2 million estimated diluted weighted average shares outstanding

Full Year Fiscal 2020 Guidance

• Net sales of $1.939 billion to $1.944 billion, or growth of 5.0% to 5.2%
• Comparable sales decrease of approximately 6.5%
• Diluted income per common share of $2.07 to $2.11 on approximately 56.2 million estimated diluted weighted average shares outstanding

As previously announced, management is scheduled to participate in a fireside chat today at 10:30 a.m. Eastern Time at the virtual ICR Conference 2021. The event will be webcast live at http://investor.fivebelow.com. An archived replay will be available two hours after the conclusion of the live event.

Forward-Looking Statements:

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect management’s current views, estimates, expectations and guidance regarding the Company’s industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. Investors can identify these statements by the fact that they use words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future” and similar terms and phrases. The Company cannot assure investors that future developments affecting the Company will be those that it has anticipated. Actual results may differ materially from these expectations due to risks and uncertainties associated with the COVID-19 pandemic (including governmental restrictions and requirements, store closures and effects on customer demand or on our supply chain, our ability to keep our distribution centers and e-commerce fulfillment centers operational, our ability to effectively operate and remain open in some or all of our stores, and to open new stores and remodels), risks related to the Company’s strategy and expansion plans, risks related to the inability to successfully implement our online retail operations, including cyber security risks, risks related to our ability to select, obtain, distribute and market merchandise profitably, risks related to our reliance on merchandise manufactured outside of the United States, risks related to any legal proceedings that we may become subject to, the availability of suitable new store locations and the dependence on the volume of traffic to our stores, risks related to the Company’s continued retention of its executive officers, senior management and other key personnel, risks related to changes in consumer preferences and economic conditions, risks related to increased operating costs, including wage rates, risks related to extreme weather, pandemic outbreaks (in addition to COVID-19), global political events, war, terrorism or civil unrest (including any resulting store closures, damage, or loss of inventory), risks related to leasing, owning or building distribution centers, risks related to our ability to successfully manage inventory balance and inventory shrinkage, quality or safety concerns about the Company’s merchandise, increased competition from other retailers including online retailers, risks related to the seasonality of our business, risks related to our ability to protect our brand name and other intellectual property, risks related to customers’ payment methods, risks related to domestic and foreign trade restrictions including duties and tariffs affecting our domestic and foreign suppliers and increasing our costs, including, among others, the direct and indirect impact of recent and potential tariffs imposed and proposed by the United States on foreign imports, risks associated with the restrictions imposed by our indebtedness on our current and future operations, the impact of changes in tax legislation and accounting standards and risks associated with leasing substantial amounts of space. For further details and a discussion of these risks and uncertainties, see the Company’s periodic reports, including the annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company’s assumptions prove incorrect, the Company’s actual results may vary in material respects from those projected in these forward-looking statements. Any forward-looking statement made by the Company in this news release speaks only as of the date on which the Company makes it. Factors or events that could cause the Company’s actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

About Five Below:

Five Below is a leading high-growth value retailer offering trend-right, high-quality products loved by tweens, teens and beyond. We know life is way better when you’re free to “let go & have fun” in an amazing experience filled with unlimited possibilities. With most items priced $1-$5, and some extreme value items priced beyond $5, we make it easy to say YES! to the newest, coolest stuff across 8 awesome Five Below worlds: Style, Room, Sports, Tech, Create, Party, Candy and Now. Founded in 2002 and headquartered in Philadelphia, Pennsylvania, Five Below today has over 1,000 stores in 38 states. For more information, please visit www.fivebelow.com!

Investor Contact:

Five Below, Inc.
Christiane Pelz
Vice President, Investor Relations
215-207-2658
[email protected]

• Restructuring of $117 million of senior secured loan facilities and $62 million of junior loan facilities and convertible notes
  
• No outstanding debt maturities before the fourth quarter of 2022
• Reduction of interest rate and repayment instalments with positive impact on the cash break-even of the fleet
• Relaxation of financial covenants allowing for additional financial flexibility, including payment of dividends

• Aggregate debt reduction of $36 million in 2020
  through the restructuring arrangements and scheduled debt amortization
  

ATHENS, Greece, Jan. 12, 2021 (GLOBE NEWSWIRE) — Seanergy Maritime Holdings Corp. (“Seanergy” or the “Company”) (NASDAQ: SHIP) announced today that it has reached final agreements with certain of its senior lenders and junior lender, for the financial restructuring of a total of $179 million, consisting of four senior credit facilities (the “Senior Facilities”), three junior credit facilities (the “Jelco Loans”) and three junior convertible notes (the “Jelco Notes”). Following these agreements, the previously announced defaults and cross-defaults have been fully resolved.

Pursuant to the restructuring terms, approximately $87 million of debt maturities falling due in 2020 have been extended to future periods, between December 2022 and December 2024, providing Seanergy with a clean two-year runway. In addition, the rescheduling of the amortization payments under certain of the Senior Facilities and the reduction of the interest rate across the junior loans and notes are expected to have a positive impact on the cash break-even of the Company going forward. Moreover, the Company’s lenders have agreed to cancel or amend certain financial covenants and security maintenance provisions under the Senior Facilities allowing for additional financial flexibility, including payment of dividends.

Stamatis Tsantanis, the Company’s Chairman and Chief Executive Officer stated:

“We are very pleased to announce the successful conclusion of the restructuring discussions with certain of our lenders. The discussions extended since the first quarter of 2020 and were finally concluded in an amicable manner. The agreed solutions provide Seanergy with a solid financial standing going forward, allowing us to pursue our strategy to enhance corporate value and pave the way to improved shareholder returns.

Under the agreed restructuring, there are no imminent loan maturities or underlying defaults, our balance sheet has been delevered through the extinguishment of debt and accrued interest and our future cash flow is expected to improve through reduced interest expense and debt amortization payments in the next years. Our overall debt has seen an impressive year-over-year reduction of $36.0 million through the restructuring initiatives and the uninterrupted servicing of the scheduled amortization payments.

Despite the global challenges presented in 2020, we have delivered milestone transactions, including the prominent restructuring of our debt, fleet expansion and beneficial commercial agreements. Seanergy, as the only pure-play Capesize vessel owner listed in the US capital markets, is in a great position to capture what we believe is significant upside potential in a rising market.”

A summary of the various restructuring arrangements is presented below:

Alpha Bank SA (“Alpha Bank”) Extension and Amendments

As previously disclosed, we documented the agreement with Alpha Bank for the extension of two loan facilities secured by two of our Capesize vessels from March 17, 2020 and November 10, 2021, to December 31, 2022. The underlying terms remained substantially the same while in addition, certain corporate covenants and dividend restrictions were cancelled or relaxed. We are currently in compliance with all the terms of these facilities as amended.

Hamburg Commercial Bank AG (“HCOB”) Refinancing and Entrust Global Facility (“Entrust facility”)

As previously disclosed, we entered into a settlement agreement with HCOB for the facility secured by two of our Capesize vessels, under which the $29.1 million outstanding balance was settled for $23.5 million resulting in a $5.6 million debt extinguishment and an equivalent gain for Seanergy. The HCOB facility was refinanced by a new facility provided by certain nominees of Entrust Global and secured by the same vessels. The Entrust facility with an initial balance of $22.5 million, has a five-year term and reduced quarterly repayments that have positively impacted the break-even rates of the underlying vessels, as well as less restrictive financial covenants and value maintenance provisions. These developments resulted in a $6.6 million aggregate reduction in the Company’s debt. We are currently in compliance with all the terms of the Entrust facility.

UniCredit Bank AG (“UCB”) Extension and Amendments

The Company obtained credit committee approval for the extension of the maturity of the UCB facility secured by two of its Capesize vessels, by two years, from December 2020 to December 2022. Moreover, the approval provides for the cancellation of various financial covenants and value maintenance provisions. Most importantly, the lender has agreed to the reduction of the quarterly installments from $1.55 million to $1.2 million, on the basis of which, the all-in cash break-even of the underlying vessels has improved by approximately $1,900 per day. The agreement is subject to completion of definitive documentation.

Amsterdam Trade Bank (“ATB”) Amendments

The Company received credit committee approval from ATB concerning the amendment of the value maintenance provisions and of certain financial covenants under the ATB facility secured by one of our Capesize vessels. Such amendments will address potential non-compliance issues while providing for a uniform approach in the financial covenants across all of the Company’s senior loan facilities. The agreement is subject to completion of definitive documentation.

Jelco Loans and Notes Extensions and Amendments

On December 30, 2020 we entered into definitive documentation with Jelco Delta Holding Corp. (“Jelco”), the Company’s sole junior creditor, concerning $27.2 million of maturities falling due in 2020 and the settlement of accrued and unpaid interest through December 31, 2020. Jelco is a former affiliate of and related party to the Company and pursuant to this agreement, $6.5 million of principal indebtedness under one of the Jelco Loans was repaid, while all other maturities, including those of two Jelco Notes that were maturing in December 2022, were extended to December 2024. In addition, Jelco has agreed to the reduction of the applicable interest rate across all Jelco Loans and Jelco Notes to a fixed rate of 5.5% (previously floating based on LIBOR plus a spread ranging from 5% to 8.5%). Moreover, we have agreed to introduce two interim repayment instalments of $8.0 million each, payable in December 2022 and December 2023 and a semi-annual cash sweep mechanism capturing cash balances in excess of $25.0 million or time charter equivalent revenue of our Capesize fleet between $18,000 and $21,000, provided that such repayment obligations, together with all other prepayment obligations to Jelco, will not exceed $12 million in any calendar year. These arrangements will provide for the swift reduction of the Jelco debt to the extent the free cash flows of the Company permit.

Moreover, Seanergy and Jelco have agreed to the settlement of all accrued and unpaid interest through December 31, 2020 and other fees payable to Jelco in an aggregate amount of approximately $5.6 million, through a private placement of units consisting of one common share (or one pre-funded warrant in lieu of one common share) and one warrant to purchase one common share for a fixed price of $0.70. The issuance of these common shares and warrants closed on January 8, 2021. Each unit was issued at a price of $0.70, in line with the pricing of the Company’s public offering that closed in August 2020 and represents a 39% premium compared to the closing price of the Company’s shares on the date of signing of the agreement. The terms of the warrants and pre-funded warrants are substantially the same as those of the Class E warrants and pre-funded warrants issued in the Company’s public offering in August 2020. The Company has also granted an option to Jelco to convert up to $3.0 million of principal indebtedness under one of the Jelco Loans at the same terms and pricing. Seanergy has also agreed to amend the conversion price of the Jelco Notes to $1.20 per share, which represents an approximately 139 % premium compared to the closing price of the Company’s shares on the date of signing of the agreement. As part of the transaction, Jelco waived any and all past breaches or events of default under the Jelco Loans and Jelco Notes.

The acquisition of shares by Jelco is subject to a standstill undertaking and 9.99% beneficial ownership blockers, precluding the acquisition of the Company’s shares, including through the exercise of warrants or the conversion of the Jelco Notes to the extent that it would result in Jelco or its affiliates beneficially owning, including control over the voting or disposition of, more than 9.99% of the outstanding common shares of the Company after giving effect to the acquisition. The Company has granted customary registration rights with respect to all shares issued or issuable to Jelco as a result of this transaction, including the shares underlying the Jelco Notes, and has undertaken to file a registration statement covering the resale of these shares.

About Seanergy Maritime Holdings Corp.

Seanergy Maritime Holdings Corp. is the only pure-play Capesize ship-owner publicly listed in the US. Seanergy provides marine dry bulk transportation services through a fleet of 11 Capesize vessels with an average age of about 12 years and aggregate cargo carrying capacity of approximately 1,926,117 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”, its Class A warrants under “SHIPW” and its Class B warrants under “SHIPZ”.

Please visit our company website at: www.seanergymaritime.com

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 are intended to identify forward-looking statements. 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, the Company’s operating or financial results; the Company’s ability to continue as a going concern; the Company’s liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside the United States; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for dry bulk products and the transportation thereof; and other factors listed from time to time in the Company’s filings with the SEC, its most recent annual report 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:

Capital Link, Inc.
Daniela Guerrero
230 Park Avenue Suite 1536
New York, NY 10169
Tel: (212) 661-7566
E-mail: [email protected]