2022-09-02 | NDAQ:USEA | Press release

GLYFADA, Greece, Sept. 02, 2022 (GLOBE NEWSWIRE) — United Maritime Corporation (the “Company” or “United”) (NASDAQ: USEA), today announced that the Board of Directors has authorized a plan to repurchase shares (the “Plan”).

Under the plan, the company can repurchase up to $3 million of its outstanding common stock in the open market, representing approximately up to 26% of the company’s market capitalization as of September 1, 2022.

Stamatis Tsantanis, Chairman and CEO of the company, said:

“We believe United’s stock price is significantly undervalued given the strong ship valuation and tanker sector earnings environment.

“We aim to increase shareholder value by utilizing our strong cash reserves and strong cash flow generation capability of the fleet. We will continue to examine all strategic alternatives and invest opportunistically, including through takeovers under appropriate conditions.”

The plan

The Company may redeem common stock under Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or under a trading plan adopted pursuant to Rule 10b5-1 of the Securities Exchange Act of 1934.

Any redemptions under the plan will be made at management’s discretion at prices considered attractive and in the best interests of the company and its shareholders, subject to stock availability, general market conditions, the stock, alternative uses of 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, cost of redeeming shares, availability of alternative investment opportunities, liquidity and other factors. deemed appropriate. These factors may also affect the timing and amount of share redemptions. The Plan does not require 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 shipping services around the world. Upon delivery of the newly acquired vessels, the company’s fleet will consist of four tankers and one dry bulk carrier with a total carrying capacity of approximately 616,884 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 stock trades 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) regarding future events . Words such as “may”, “should”, “expect”, “intend”, “plan”, “believe”, “anticipate”, “hope”, “estimate” and variations of these 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 on 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 these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, trends in the shipping industry, including charter rates, vessel values ​​and factors affecting supply and demand for vessels; 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 debt; competitive factors in the market in which the Company operates; increased operating costs associated with aging vessels; damage to ships; future, pending or recent acquisitions and divestitures, business strategy, possible areas of expansion or contraction and anticipated capital or operating expenditures; reliance on former parent company affiliates and third-party managers of the Company to operate the Company’s business; crew availability, number of non-hire days, classification survey requirements and insurance costs; changes in the Company’s relationships with contractual counterparties; potential liability for future litigation and incidents involving the Company’s vessels; broader market impacts resulting from war (or threat of war) or international hostilities, such as between Russia and Ukraine; risks associated with the duration 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 their transport; and other factors listed from time to time in the Company’s filings with the SEC, including its registration statement on Form 20-F. Company filings may be obtained free of charge at the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligation or undertaking to release any update or revision of any forward-looking statement contained herein to reflect any change in the Company’s expectations with respect thereto or any change of events, conditions or circumstances on which any statement is based.

For more information, please contact:

United Investor Relations

Tel: +30 213 0181 522

Email: ir@usea.gr

Capital Link, Inc.

Paul Lampoutis

230 Park Avenue, Suite 1540

New York, NY 10169

Tel: (212) 661-7566

Email: usea@capitallink.com