Seanergy Maritime Shares Rise 5% Following News of Proposed Spinoff

By Stephen Nakrosis

Shares of Seanergy Maritime Holdings Corp. were trading higher in Friday’s after-hours market, following news the company plans to spin off its oldest Capesize vessel, the M/V Gloriuship, through a wholly owned subsidiary.

Seanergy said a newly formed subsidiary, United Maritime Corp., will act as holding company for the vessel. United has applied to list on the Nasdaq Capital Market and is expected to adopt a diversified business model, Seanergy said.

Seanergy also said it plans to distribute all the common shares of United pro rata to Seanergy shareholders of record as of June 28.

At 5:14 p.m. ET, Seanergy shares were trading 5.92% higher at $1.03 a share. The stock finished the day’s regular session with a 0.03% gain, closing at 97 cents a share.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com