Highlights | |||||||||
(in million USD, except EPS) | Q4 2023 | Q4 2022 | 12M 2023 | 12M 2022 | |||||
Net revenues | |||||||||
Net income | |||||||||
Adjusted net income1 | |||||||||
EBITDA1 | |||||||||
Adjusted EBITDA1 | |||||||||
Earnings per share Basic1,2 | |||||||||
Earnings per share Diluted1,2 | |||||||||
Adjusted earnings per share Basic1,2 | |||||||||
Adjusted earnings per share Diluted1,2 |
Other Highlights and Developments:
- Quarterly cash dividend of
$0.10 per share consisting of a regular cash dividend of$0.025 per share for Q4 2023 and a special cash dividend of$0.075 per share - Total cash dividends of
$1.45 per share, or$26.4 million declared sinceMarch 2022 - Acquisition of a 2011-built Newcastlemax dry bulk vessel through a 12-month bareboat charter with a purchase option
- Acquisition of a 2013-built Japanese Capesize vessel with estimated delivery in Q2 2024
- Completion of
$53.8 million in refinancings during 2023 at improved terms generating$15.0 million in additional liquidity; no loan maturities until Q2 2025 - The only Greek-based shipping company to participate in the
European Union (EU) funded SAFeCRAFT project in partnership with major industry stakeholders to demonstrate the safety and viability ofSustainable Alternative Fuels (SAFs) on existing vessels
For the quarter ended
For the twelve-month period ended
Cash and cash-equivalents and restricted cash, as of
_________________________
1 Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA are non-GAAP measures. Please see the reconciliation below of Adjusted earnings per share, Adjusted Net Income, EBITDA and Adjusted EBITDA to net income, the most directly comparable
2 All references to number of shares, share prices, warrant prices and “per share” figures in this document are adjusted to reflect the one-for-ten reverse stock split effected on
3 TCE rate is a non-GAAP measure. Please see the reconciliation below of TCE rate to net revenues from vessels, the most directly comparable
“In 2023 we delivered another profitable year for Seanergy despite a very volatile Capesize market, building on our robust commercial performance, our hedging activities and the investments we have made in improving our vessels' efficiency over the years. In doing so, we successfully navigated extreme freight rate instability and achieved a healthy mix of fleet growth, accretion and cash dividends. We are executing a clear strategy that includes investing in our fleet to drive growth and efficiencies, delivering durable capital returns to shareholders and maintaining a healthy balance sheet with sustainable debt levels. The actions we have taken to grow our fleet substantially over the past three years with quality assets and further strengthen our balance sheet have us optimally positioned to reap the benefits of what looks like a very strong Capesize market.
“In the fourth quarter of 2023, we recorded net income of
“In the fourth quarter, we also fully repaid the remaining portion of our only outstanding convertible note, eliminating the possibility of dilution for our shareholders. Moreover, in 2023 and to date, we have completed
“During the fourth quarter of 2023, our fleet recorded a daily time charter equivalent rate of
“Looking ahead, we are currently undergoing the strongest first quarter for the Capesize market since 2011 and we expect our commercial performance to remain solid. In terms of guidance for the first quarter of 2024, assuming that the remaining days of March are consistent with current FFA levels, we expect our daily TCE to be equal to about
“As regards our fleet developments, in 2023 we acquired our first Newcastlemax vessel through a 12-month bareboat charter with a purchase option. The vessel was delivered in the fourth quarter and commenced her employment with a first-class European charterer at a significant premium over the index. More recently, in February we agreed to acquire a 181,392 dwt Capesize bulk carrier, built in 2013 in
“Concerning our ESG initiatives, we recently announced that we are the only Greek-based shipping company to participate in the EU funded SAFeCRAFT project. This collaborative approach amongst leading stakeholders of our industry, including classification societies and manufacturers, the academic community and the
“As a brief comment on the outlook of our market, ton-mile demand is expected to exceed net fleet growth in the next two years with healthy raw material flows. The Capesize orderbook is at historically low levels, while trade volumes and the need for fleet replacement due to environmental regulations have grown considerably. The high congestion resulting from port inefficiencies after the pandemic has normalized and is now closer to the low end of the historical range. As such there is little room for further efficiency gains and more potential for disruptions that are likely to benefit our market as has been the case with the tensions in the
“Overall, we remain highly optimistic about the Company’s prospects and our ability to deliver enhanced value to shareholders, as Seanergy is well-placed to benefit from the rising trend in the Capesize market through our high-quality fleet, index-linked market exposure and strong financial position.”
_________________________
4 Based on the closing share price on
Company Fleet:
Capacity (DWT) | Year Built | Yard | Scrubber Fitted | Employment Type | FFA conversion option(1) | Minimum time charter (“T/C”) expiration | Maximum | Charterer | |||
Titanship(3) | 207,855 | 2011 | - | T/C Index Linked | Yes | 09/2024 | 01/2025 | Olam | |||
Patriotship | 181,709 | 2010 | Imabari | Yes | T/C Index Linked | Yes | 01/2025 | 04/2025 | Glencore | ||
Dukeship | 181,453 | 2010 | Sasebo | - | T/C Index Linked | Yes | 05/2024 | 09/2024 | NYK | ||
Paroship | 181,415 | 2012 | Koyo -Imabari | Yes | T/C Index Linked | Yes | 08/2025 | 01/2026 | Oldendorff | ||
Worldship | 181,415 | 2012 | Koyo – Imabari | Yes | T/C Index Linked | Yes | 10/2025 | 02/2026 | NYK | ||
Hellasship | 181,325 | 2012 | Imabari | - | T/C Index Linked | Yes | 12/2024 | 04/2025 | NYK | ||
Honorship | 180,242 | 2010 | Imabari | - | T/C Index Linked | Yes | 02/2024 | 07/2024 | NYK | ||
Fellowship | 179,701 | 2010 | Daewoo | - | T/C Index Linked | Yes | 06/2024 | 10/2024 | Anglo American | ||
Championship | 179,238 | 2011 | Sungdong SB | Yes | T/C Index Linked | Yes | 04/2025 | 11/2025 | |||
Partnership | 179,213 | 2012 | Hyundai | Yes | T/C Index Linked | Yes | 09/2024 | 12/2024 | Uniper | ||
Knightship | 178,978 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 10/2024 | 12/2024 | Glencore | ||
Lordship | 178,838 | 2010 | Hyundai | Yes | T/C Index Linked | Yes | 08/2024 | 09/2024 | Uniper | ||
Friendship | 176,952 | 2009 | Namura | - | T/C Index Linked | Yes | 12/2024 | 04/2025 | NYK | ||
Flagship | 176,387 | 2013 | Mitsui | - | T/C Index Linked | Yes | 05/2026 | 07/2026 | |||
Geniuship | 170,057 | 2010 | Sungdong SB | - | T/C Index Linked | Yes | 04/2024 | 08/2024 | NYK | ||
Premiership | 170,024 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 03/2025 | 05/2025 | Glencore | ||
Squireship | 170,018 | 2010 | Sungdong SB | Yes | T/C Index Linked | Yes | 04/2025 | 06/2025 | Glencore | ||
Total / Average age | 3,054,820 | 13.0 years | - | - | - | - | - | - | - |
(1) The Company has the option to convert the index-linked rate to fixed for periods ranging between 1 and 12 months, based on the prevailing Capesize FFA Rate for the selected period.
(2) The latest redelivery date does not include any additional optional periods.
(3) The vessel is operated by the Company on the basis of a 12-month bareboat charter-in contract with the owners of the vessel, including a purchase option at the end of the bareboat charter.
Vessel to be delivered:
Capacity (DWT) | Year Built | Yard | Scrubber Fitted | |
tbr Iconship | 181,392 | 2013 | Imabari | - |
Fleet Data:
(
Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | |||||||||
Ownership days (1) | 1,541 | 1,569 | 6,008 | 6,219 | ||||||||
Operating days (2) | 1,530 | 1,525 | 5,953 | 5,905 | ||||||||
Fleet utilization (3) | 99.3% | 97.2% | 99.1% | 95.0% | ||||||||
TCE rate (4) | ||||||||||||
Daily Vessel Operating Expenses (5) |
(1) Ownership days are the total number of calendar days in a period during which the vessels in a fleet have been owned or chartered in. Ownership days are an indicator of the size of the Company’s fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.
(2) Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to unforeseen circumstances. Available days are the number of ownership days less the aggregate number of days that our vessels are off-hire due to major repairs, dry-dockings, lay-up or special or intermediate surveys. Operating days include the days that our vessels are in ballast voyages without having finalized agreements for their next employment. The Company’s calculation of operating days may not be comparable to that reported by other companies.
(3) Fleet utilization is the percentage of time that the vessels are generating revenue and is determined by dividing operating days by ownership days for the relevant period. Fleet Utilization is used to measure a company’s ability to efficiently find suitable employment for its vessels and minimize the number of days that its vessels are off-hire for unforeseen events. We believe it provides additional meaningful information and assists management in making decisions regarding areas where we may be able to improve efficiency and increase revenue and because we believe that it provides useful information to investors regarding the efficiency of our operations.
(4) TCE rate is defined as the Company’s net revenue less voyage expenses during a period divided by the number of the Company’s operating days during the period. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions. The Company includes the TCE rate, which is not a recognized measure under
(In thousands of
Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | |||||
Vessel revenue, net | 38,901 | 27,153 | 107,036 | 122,629 | ||||
Less: Voyage expenses | 773 | 780 | 2,851 | 4,293 | ||||
Time charter equivalent revenues | 38,128 | 26,373 | 104,185 | 118,336 | ||||
Operating days | 1,530 | 1,525 | 5,953 | 5,905 | ||||
TCE rate |
(5) Vessel operating expenses include crew costs, provisions, deck and engine stores, lubricants, insurance, maintenance and repairs. Daily Vessel Operating Expenses are calculated by dividing vessel operating expenses, excluding pre delivery costs, by ownership days for the relevant time periods. The Company’s calculation of daily vessel operating expenses may not be comparable to that reported by other companies. The following table reconciles the Company’s vessel operating expenses to daily vessel operating expenses.
(In thousands of
Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | |||||
Vessel operating expenses | 10,889 | 10,908 | 42,260 | 43,550 | ||||
Less: Pre-delivery expenses | 571 | 473 | 933 | 1,144 | ||||
Vessel operating expenses before pre-delivery expenses | 10,318 | 10,435 | 41,327 | 42,406 | ||||
Ownership days | 1,541 | 1,569 | 6,008 | 6,219 | ||||
Daily Vessel Operating Expenses |
Net income to EBITDA and Adjusted EBITDA Reconciliation:
(In thousands of
Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | |||
Net income | 10,829 | 493 | 2,282 | 17,239 | ||
Interest and finance cost, net | 4,965 | 4,896 | 20,150 | 14,995 | ||
Depreciation and amortization | 7,541 | 7,501 | 28,831 | 28,297 | ||
Taxes | - | - | - | (28 | ) | |
EBITDA | 23,335 | 12,890 | 51,263 | 60,503 | ||
Stock based compensation | 546 | 423 | 9,147 | 7,185 | ||
Loss on extinguishment of debt | - | 6 | 540 | 1,291 | ||
Loss on forward freight agreements, net | 40 | 10 | 188 | 417 | ||
Gain on sale of vessels, net | - | - | (8,094 | ) | - | |
Gain on spin-off | - | - | - | (2,800 | ) | |
Adjusted EBITDA | 23,921 | 13,329 | 53,044 | 66,596 |
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") represents the sum of net income, net interest and finance costs, depreciation and amortization and, if any, income taxes during a period. EBITDA is not a recognized measurement under
EBITDA and adjusted EBITDA are presented as we believe that these measures are useful to investors as a widely used means of evaluating operating profitability. Management also uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the Company’s performance. EBITDA and adjusted EBITDA as presented here may not be comparable to similarly titled measures presented by other companies. These non-GAAP measures should not be considered in isolation from, as a substitute for, or superior to, financial measures prepared in accordance with
Adjusted Net income Reconciliation and calculation of Adjusted Earnings Per Share
(In thousands of
Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | ||
Net income | 10,829 | 493 | 2,282 | 17,239 | |
Stock based compensation | 546 | 423 | 9,147 | 7,185 | |
Loss on extinguishment of debt (non-cash) | - | 6 | 300 | 1,291 | |
Loss on forward freight agreements, net | 40 | 10 | 188 | 417 | |
Gain on spin-off | - | - | - | (2,800 | ) |
Adjusted net income | 11,415 | 932 | 11,917 | 23,332 | |
Adjusted net income – common shareholders | 11,080 | 924 | 11,846 | 23,000 | |
Adjusted earnings per common share, basic | 0.58 | 0.05 | 0.64 | 1.32 | |
Adjusted earnings per common share, diluted | 0.58 | 0.05 | 0.64 | 1.32 | |
Weighted average number of common shares outstanding, basic | 19,039,579 | 17,897,084 | 18,394,419 | 17,439,033 | |
Weighted average number of common shares outstanding, diluted | 19,063,475 | 17,897,084 | 18,442,688 | 17,684,048 |
To derive Adjusted Net Income and Adjusted Earnings Per Share, both non-GAAP financial measures, from Net Income, we exclude non-cash items, as provided in the table above. We believe that Adjusted Net Income and Adjusted Earnings Per Share assist our management and investors by increasing the comparability of our performance from period to period since each such measure eliminates the effects of such non-cash items as stock-based compensation, loss on extinguishment of debt, loss on forward freight agreements and other items which may vary from year to year, for reasons unrelated to overall operating performance. In addition, we believe that the presentation of the respective measure provides investors with supplemental data relating to our results of operations, and therefore, with a more complete understanding of factors affecting our business than with GAAP measures alone. Our method of computing Adjusted Net Income and Adjusted Earnings Per Share may not necessarily be comparable to other similarly titled captions of other companies due to differences in methods of calculation.
Interest and Finance Costs to Cash Interest and Finance Costs Reconciliation:
(In thousands of
Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | |||||
Interest and finance costs | (5,166 | ) | (5,050 | ) | (20,694 | ) | (15,332 | ) |
Add: Interest income | 201 | 154 | 544 | 337 | ||||
Add: Amortization of deferred finance charges and other discounts | 379 | 943 | 2,240 | 2,859 | ||||
Cash interest and finance costs | (4,586 | ) | (3,953 | ) | (17,910 | ) | (12,136 | ) |
First Quarter 2024 TCE Rate Guidance5:
As of the date hereof, approximately 93% of the Company fleet’s expected operating days in the first quarter of 2024 have been fixed at an estimated TCE rate of approximately
Assuming that for our remaining operating days the average of the BCI will be equal to the average Capesize Forward Freight Agreement (“FFA”) rate of
- The following table provides the breakdown of index-linked charters and fixed-rate charters in the first quarter of 2024:
Operating Days | TCE | ||
TCE - fixed rate (index-linked conversion) | 455 | ||
TCE - fixed rate | 0 | N/A | |
TCE – index-linked | 1,092 | ||
Total / Average | 1,547 | $23,219 |
_________________________
5 This guidance is based on certain assumptions and there can be no assurance that these TCE rate estimates, or projected utilization will be realized. TCE estimates include certain floating (index) to fixed rate conversions concluded in previous periods. For vessels on index-linked T/Cs, the TCE rate realized will vary with the underlying index, and for the purposes of this guidance, the BCI rate assumed for the remaining operating days of the quarter for index-linked T/Cs is equal to the average FFA rate of
Fourth Quarter and Recent Developments:
Dividend Distribution for Q3 2023 and Declaration of Special and Regular Dividends
On
Continuing its quarterly dividend payments, the Company has declared a regular cash dividend of
Buyback of Common Shares, Convertible Note and ATM Program
Buyback of Common Shares
3rd Repurchase Plan
During 2023, the Company repurchased 362,161 common shares in open market transactions at an average price of
4th Repurchase Plan
The Company has repurchased 128,682 common shares in open market transactions at an average price of
All the abovementioned shares have been cancelled and removed from the Company’s share capital as of the date of this release.
At-The-Market Offering Program
On
Repayment of Convertible Note
On
As of
ESG Updates
In
ESG Report for 2022
On
Recent Litigation
On
Vessel Transactions and Commercial Updates
M/V Iconship
On
M/V Worldship - New time charter agreement
On
M/V Patriotship - Time charter extension
On
M/V Friendship - Time charter extension
On
M/V Hellasship - Time charter extension
On
M/V Paroship - Time charter extension
On
M/V Premiership - Time charter extension
On
M/V Squireship - Time charter extension
On
Conference Call:
The Company’s management will host a conference call to discuss financial results on
Audio Webcast and Earnings Presentation:
There will be a live, and then archived, webcast of the conference call available and accompanying presentation available on the Company’s website. To access the presentation and listen to the archived audio file, visit our website, following the Webcast & Presentations section under our Investor Relations page. Participants to the live webcast should register on Seanergy’s website approximately 10 minutes prior to the start of the webcast, following this link.
Conference Call Details:
Participants have the option to register for the call using the following link. You can use any number from the list or add your phone number and let the system call you right away.
Unaudited Condensed Consolidated Balance Sheets (In thousands of | ||||||
2023 | 2022* | |||||
ASSETS | ||||||
Cash and cash equivalents and restricted cash | 24,928 | 32,477 | ||||
Vessels, net, right-of-use assets and vessels held for sale | 440,038 | 462,385 | ||||
Other assets | 12,911 | 18,738 | ||||
TOTAL ASSETS | 477,877 | 513,600 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||
Long-term debt, finance lease liability and other financial liabilities, net of deferred finance costs | 232,568 | 244,866 | ||||
Convertible notes | - | 10,833 | ||||
Other liabilities | 16,864 | 36,202 | ||||
Stockholders’ equity | 228,445 | 221,699 | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 477,877 | 513,600 |
* Derived from the audited consolidated financial statements as of that date
Unaudited Condensed Consolidated Statements of Operations (In thousands of | ||||||||||
Three months ended | Twelve months ended | |||||||||
2023 | 2022 | 2023 | 2022 | |||||||
Vessel revenue, net | 38,901 | 27,153 | 107,036 | 122,629 | ||||||
Fees from related parties | 527 | 1,374 | 3,198 | 2,391 | ||||||
Revenue, net | 39,428 | 28,527 | 110,234 | 125,020 | ||||||
Expenses: | ||||||||||
Voyage expenses | (773 | ) | (780 | ) | (2,851 | ) | (4,293 | ) | ||
Vessel operating expenses | (10,889 | ) | (10,908 | ) | (42,260 | ) | (43,550 | ) | ||
Management fees | (165 | ) | (291 | ) | (700 | ) | (1,368 | ) | ||
General and administrative expenses | (5,364 | ) | (4,368 | ) | (22,149 | ) | (17,412 | ) | ||
Depreciation and amortization | (7,541 | ) | (7,501 | ) | (28,831 | ) | (28,297 | ) | ||
Loss on forward freight agreements, net | (40 | ) | (10 | ) | (188 | ) | (417 | ) | ||
Gain on sale of vessels, net | - | - | 8,094 | - | ||||||
Operating income | 14,656 | 4,669 | 21,349 | 29,683 | ||||||
Other income / (expenses): | ||||||||||
Interest and finance costs | (5,166 | ) | (5,050 | ) | (20,694 | ) | (15,332 | ) | ||
Loss on extinguishment of debt | - | (6 | ) | (540 | ) | (1,291 | ) | |||
Interest and other income | 1,485 | 1,025 | 2,443 | 1,361 | ||||||
Gain on spin-off | - | - | - | 2,800 | ||||||
Other, net | (146 | ) | (145 | ) | (276 | ) | 18 | |||
Total other expenses, net: | (3,827 | ) | (4,176 | ) | (19,067 | ) | (12,444 | ) | ||
Net income | 10,829 | 493 | 2,282 | 17,239 | ||||||
Net income attributable to common shareholders | 10,494 | 493 | 2,211 | 16,907 | ||||||
Net income per common share, basic | 0.55 | 0.03 | 0.12 | 0.97 | ||||||
Net income per common share, diluted | 0.55 | 0.03 | 0.12 | 0.96 | ||||||
Weighted average number of common shares outstanding, basic | 19,039,579 | 17,897,084 | 18,394,419 | 17,439,033 | ||||||
Weighted average number of common shares outstanding, diluted | 19,063,475 | 17,897,084 | 18,442,688 | 17,684,048 | ||||||
Unaudited Condensed Consolidated Cash Flow Data (In thousands of | |||||
2023 | 2022 | ||||
Net cash provided by operating activities | 31,323 | 37,286 | |||
Proceeds from sale of assets | 23,910 | - | |||
Vessels acquisitions and improvements | (314 | ) | (70,321 | ) | |
Advances from related party from sale of assets | - | 12,688 | |||
Investment in Series C preferred shares | - | (10,000 | ) | ||
Proceeds from redemption of Series C preferred shares | - | 10,000 | |||
Term deposits | - | 1,500 | |||
Finance lease payments and other initial direct costs | (7,000 | ) | - | ||
Deposits assets, non-current | 1,325 | - | |||
Other fixed assets, net | (176 | ) | (130 | ) | |
Net cash provided by / (used in) investing activities | 17,745 | (56,263 | ) | ||
Proceeds from long-term debt and other financial liabilities | 53,750 | 124,800 | |||
Repayments of long-term debt and other financial liabilities | (88,742 | ) | (89,698 | ) | |
Repayments of convertible notes | (11,165 | ) | (10,000 | ) | |
Payments of finance lease liabilities | (609 | ) | - | ||
Payments of financing and stock issuance costs | (1,318 | ) | (1,420 | ) | |
Payments for repurchase of common stock | (1,679 | ) | - | ||
Payments for repurchase of warrants | (808 | ) | - | ||
Dividend payments | (6,031 | ) | (17,924 | ) | |
Payments for fractional shares of reverse stock split | (23 | ) | - | ||
Proceeds from issuance of common stock and warrants, net of underwriters fees and commissions | 8 | 70 | |||
Net cash (used in) / provided by financing activities | (56,617 | ) | 5,828 | ||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||
Cash paid during the period for interest | 18,429 | 11,710 | |||
Noncash investing activities | |||||
Vessels’ improvements | - | 1,015 | |||
Finance lease, right-of use asset and other initial direct costs | 22,997 | - | |||
Noncash financing activities | |||||
Dividends declared but not paid | 491 | 4,548 | |||
Financing and stock issuance costs | 562 | - |
About
The Company is incorporated in the
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, including with respect to market trends, vessels we have agreed to acquire and pending litigation. 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 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, impacts of litigation, areas of possible expansion or contraction, and expected capital spending or operating expenses; risks associated with operations outside
For further information please contact:
Seanergy Investor Relations
Tel: +30 213 0181 522
E-mail: ir@seanergy.gr
Capital Link, Inc.
Paul Lampoutis
230 Park Avenue Suite 1540
Tel: (212) 661-7566
E-mail: seanergy@capitallink.com
Source:
2024 GlobeNewswire, Inc., source