To: Glenn Petersen who wrote (1097 ) 11/12/2007 10:21:25 PM From: Glenn Petersen Read Replies (2) | Respond to Seanergy Maritime Corp. completed its IPO on September 28, 2007, selling 23,100,000 units, including 1,100,000 units sold pursuant to the exercise of the over-allotment option, at $10.00 per unit. The gross proceeds totaled $231 million, up substantially from the $150 million that the company was looking to raise when it filed its initial S-1 on June 8, 2007. A total of $231,000,000, equal to $10.00 per common share, has been placed into an escrow account. This balance includes $5,362,500 deferred by the underwriters, which will be paid when the company completes an acquisition, and $14,415,000,000 from the sale of warrants to certain of the insiders. In the event that the company is liquidated, neither the underwriter nor the insiders will receive any of the funds placed into the escrow account. sec.gov
