United Completes Second Stock Buyback of $3 million and Initiates Additional $3 million Stock Buyback Plan

Rhea-AI Summary

United Maritime Corporation (NASDAQ: USEA) has successfully completed its second buyback program, repurchasing approximately 1.4 million shares at an average price of $2.08, utilizing its $6 million buyback plan. In total, around 3.3 million shares have been repurchased at an average price of $1.81. Additionally, a new buyback plan has been authorized, allowing up to $3 million in share repurchases. These initiatives aim to enhance shareholder value and reflect management's confidence in the company's future.

Positive

• Completed buyback of approximately 1.4 million shares at $2.08, enhancing shareholder value.
• Total of 3.3 million shares repurchased, indicating strong management confidence.
• Authorized third buyback plan for an additional $3 million, potentially further increasing shareholder value.

Negative

• None.

GLYFADA, Greece, Oct. 25, 2022 (GLOBE NEWSWIRE) -- United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), announced today that it has completed the second buyback of approximately 1.4 million shares, at an average price of $2.08 per share, fully utilizing the previously announced additional share buyback plan. Through the two buyback programs of $6 million in total, approximately 3.3 million shares have been repurchased at an average price of $1.81 per share.

In addition, the Company’s Board of Directors has authorized a third share buyback plan (the “Plan”), where it may repurchase up to an additional $3 million of its outstanding common shares in the open market.

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.

About United Maritime Corporation

United Maritime Corporation is an international shipping company specializing in worldwide seaborne transportation services. After completion of the recently announced Aframax sale, the Company’s fleet will consist of two tanker vessels and one dry bulk vessel with an aggregate cargo carrying capacity of approximately 389,778 dwt.

The Company is incorporated under the laws of the Republic of the Marshall Islands and has executive offices in Glyfada, Greece. The Company's common shares trade on the Nasdaq Capital Market under the symbol “USEA”.

Please visit the Company’s website at: www.unitedmaritime.gr

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 may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. 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, shipping industry trends, including charter rates, vessel values and factors affecting vessel supply and demand; the impact of changes in regulatory requirements or actions taken by regulatory authorities on the Company's operating or financial results; the Company's financial condition and liquidity, including its ability to service its indebtedness; competitive factors in the market in which the Company operates; increased operating costs associated with vessel aging; vessel damage; future, pending or recent acquisitions and dispositions, business strategy, areas of possible expansion or contraction, and expected capital spending or operating expenses; dependence on affiliates of the Company’s former parent and third-party managers to operate the Company’s business; availability of crew, number of off-hire days, classification survey requirements and insurance costs; changes in the Company’s relationships with contract counterparties; potential liability from future litigation and incidents involving the Company’s vessels; broader market impacts arising from war (or threatened war) or international hostilities, such as between Russia and Ukraine; risks associated with the length and severity of the ongoing novel coronavirus (COVID-19) outbreak, including its effects on demand for crude oil, petroleum products, dry bulk products, other types of products and the transportation thereof; and other factors listed from time to time in the Company's filings with the SEC, including its registration statement 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:

United Investor Relations
Tel: +30 213 0181 522
E-mail: ir@usea.gr

Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
New York, NY 10169
Tel: (212) 661-7566
E-mail: usea@capitallink.com

FAQ

What is the total share repurchase amount by United Maritime Corporation (USEA)?

United Maritime Corporation has repurchased approximately 3.3 million shares for a total amount of $6 million.

What is the average price per share repurchased by USEA?

The average price per share repurchased by USEA is $1.81.

When does the new share buyback plan for USEA expire?

The new share buyback plan for USEA expires on March 31, 2023.

How much is United Maritime Corporation authorized to repurchase in the new buyback plan?

The new buyback plan authorizes United Maritime Corporation to repurchase up to $3 million of its outstanding shares.

What was the average price of the second buyback by USEA?

The average price of the second buyback by USEA was $2.08 per share.