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

Glyfada, Greece - October 25, 2022

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

United Maritime Corporation - press release