Akis is Back – Blank Check Equity Raise

Last week, Nautilus Marine Acquisition Corp., a newly-organized blank check company filed a registration statement to raise $60 million through the sale of 6 million units, consisting of one share of common stock and a warrant. The price for each unit is $10, with each warrant entitling the unit holder to purchase one share of common stock at $11.50. In addition, the company has offered the underwriters a 45-day option to buy an additional 900 thousand shares to cover overallotments. Details of the transaction are shown in the Guts of the Deal below.

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The Market Speaks

Last Friday, Seanergy Maritime Holdings successfully closed its follow-on offering raising $25 million from the public and an additional $5 million from insider, Victor Restis. When the process began with the filing of the initial registration statement on January 11, the shares were trading at $2.81 necessitating a sale of approximately 8.8 million shares.

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Don’t Forget Follow-ons

We hear word that Maxim Group is the lead underwriter for a $30 million secondary offering for Seanergy Maritime Holdings. Victor Restis is expected to put in $5 million. The deal goes to market the week of the 24th.

Yes! IPOs Are On the Way Back – Sort of

Individuals involved in the capital markets have recently opined that shipping IPOs will soon return as private owners have realized the advantages of being public in these capital constrained times. In the interim, Maxim Group and Further Lane Securities are currently circulating a private deal, which could, down the road, become an IPO. Pyxis Holdings, a company sponsored by Mr. Valentinos Valentis, intends to sell 15.5 million units, under Rule 144A, to qualified institutional buyers. Each unit will have an offering price of $10.00 and will consist of one share of common stock and 1/5 of one warrant to purchase a single common share. The exercise price for a warrant will be $11.50. Gross proceeds are anticipated to be $155 million. In addition, Mr. Valentis has agreed to purchase, concurrently with this offering, 2.2 million units, raising an additional $22 million in proceeds. Mr. Valentis, in addition, will receive $14.5 million in the form of Class A units in exchange for his contribution of the vessels in the existing fleet as well as 1,344,630 Class B subordinated shares and founder warrants. After the offering, Mr. Valentis will control about 24.3% of the shares.
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Restis Returns

Having flirted with the US equity markets with withdrawn IPO Golden Energy and later with a potential deal with Excel-spon­sored SPAC Oceanaut, the Restis family is once again looking at ways to bring public equity into its shipping business. This time it is through the acquisition of six dry bulk carriers by SPAC Seanergy Maritime for an initial $395 million. There is also a potential earn- out worth $43 million if certain EBITDA hurdles are met. The ini­tial consideration comprises $367 million in cash and $28 million in the form of a 2-year promissory note. The vessels have an average age of 10.5 years and comprise two handysize carriers, two supramax vessels, and two panamax vessels. Maxim Group acted as financial advisor to Seanergy on the deal, while Loeb & Loeb, Vgenopoulos and Partners and Broad and Cassel all provided legal advice. We look forward to further exploring this very interesting transaction as it continues to develop.